Date: Tuesday 22 Jun 2010
Speymill Deutsche Immobilien Property Company non-executive director Jim Mellon has been buying shares in the AIM-quoted property investment company just after it has agreed to take over the management of its own property portfolio.Mellon bought 5m shares at €0.05772 a share and 2m shares at €0.06 a share. That is a total investment of €408,500. Mellon owns 13.82% of Speymill Deutsche as well as having a 44.8% interest in Speymill, whose subsidiary is giving up managing the Speymill Deutsche property portfolio in Germany.
Mellon is also lending €2m to Speymill Deutsche until 15 November 2010. If there is a fundraising it will either be repaid or converted into shares at the fundraising price.
The decision to bring management in-house was taken in order to cut costs and make it easier to renegotiate bank facilities.
Property investment manager and construction company Speymill has reached heads of agreement with Speymill Deutsche about the termination of its investment management agreement and the sale by Speymill of its subsidiary GOAL to Speymill Deutsche.
Speymill will receive €7.851m in compensation plus €1.14m in fees for the transfer period. Payment will be in the form of property assets and their associated loans.
Speymill will receive the net asset value of GOAL in return for its sale – it is currently €1.9m. GOAL’s construction business is excluded. The payment will be in the form of a convertible loan note. The interest rate will be equal to the two-year German bund plus 1.5 percentage points.
Speymill Deutsche’s property portfolio was valued at €1.44bn at the end of 2009. The net asset value was €0.6523 a share at the end of 2009 so Mellon's buying price is at a significant discount to that NAV. However, any recapitalisation of the company is likely to dilute the NAV figure.Top Director Buys
Speymill Deutsche Immobilien (SDIC)
Director name: Mr James (Jim) Mellon
Amount purchased: 5,000,000 @ € 0.0577
Value: € 288,500
Speymill Deutsche Immobilien (SDIC)
Director name: Mr James (Jim) Mellon
Amount purchased: 2,000,000 @ € 0.06
Value: € 120,000
Symphony International Holdings (SIHL)
Director name: Mr Anil Thadani
Amount purchased: 58,617 @ $0.60
Value: $35,170
Global Petroleum (GBP)
Director name: Mr Peter Blakey
Amount purchased: 111,559 @ 9.26p
Value: £10,330
MS International (MSI)
Director name: Mr Roger Lane-Smith
Amount purchased: 15,000 @ 115.00p
Value: £17,250
Top Director Sells
Renishaw (RSW)
Director name: Mr D John Deer
Amount sold: 300,000 @ 722.00p
Value: £2,166,000
easyJet (EZJ)
Director name: Mr Andrew Harrison
Amount sold: 388,950 @ 430.57p
Value: £1,674,702
Domino Printing (DNO)
Director name: Mr Nigel R Bond
Amount sold: 60,000 @ 468.25p
Value: £280,950
easyJet (EZJ)
Director name: Mr Andrew Harrison
Amount sold: 52,232 @ 431.42p
Value: £225,339
Beazley Group (BEZ)
Director name: Mr Clive Washbourn
Amount sold: 172,395 @ 123.00p
Value: £212,046
Norman Hay (HNN)
Director name: Mr Peter Hay
Amount sold: 144,925 @ 92.30p
Value: £133,766
Norman Hay (HNN)
Director name: Mr V P Bellanti
Amount sold: 131,357 @ 92.30p
Value: £121,243
Domino Printing (DNO)
Director name: Mr Garry Havens
Amount sold: 20,000 @ 458.50p
Value: £91,700
United Utilities Group (UU.)
Director name: Mr Charles Cornish
Amount sold: 8,919 @ 537.50p
Value: £47,940
Hornby (HRN)
Director name: Mr Frank Martin
Amount sold: 18,674 @ 139.00p
Value: £25,957
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