Executive Summary
Speymill Macau Property Company plc is a newly incorporated Isle of Man company established to invest primarily in the high quality residential property market of Macau. The Company's objective is to provide shareholders with an attractive overall return to be achieved primarily through long-term capital growth. The Company's emphasis will be on acquiring assets with an overall target internal rate of return of 20 per cent. per annum. It is expected that the Company should be substantially fully invested within 12 months of Admission. Once fully invested, it is anticipated that no one underlying single property building is likely to account for more than 50 per cent. of the gross assets of the Company at the time of investment. The Manager (Speymill Property Managers Limited), the Investment Adviser (Speymill Property (Far East) Limited) and the Property Adviser (Avila Capital Limited) will be responsible for identifying new investment opportunities that fall within the investment policy and objectives agreed by the Board from time to time. Following the identification of a potential new investment opportunity, the Manager, the Investment Adviser and the Property Adviser will be responsible for ensuring all necessary due diligence is carried out and for negotiating the terms of investment on behalf of the group. The Company has a board of five non-executive directors with a diverse range of experience. The Company does not currently have a fixed life but an ordinary resolution will be proposed that the Company ceases to continue as presently constituted at the annual general meeting of the of the Company in 2013, and, if not passed, at every third annual general meeting thereafter.
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