Business
Completion of Acquisitions
Completion of Acquisitions.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n China Real Estate Opportunities Ltd\n08 August 2007\n\n\n\n\n CHINA REAL ESTATE OPPORTUNITIES LIMITED\n \n Completion of Acquisitions, Publication of Circular, Notice of EGM and\n appointments at Treasury Holdings China\n \n Completion of Acquisitions\n\n\n\nIn its admission document published on 10 July 2007, China Real Estate\nOpportunities Limited (\"CREO\" or \"the Company\") referred to agreements it had\nentered into to acquire the City Centre and Central Plaza properties in Shanghai\nas key components of its initial portfolio. The Company is pleased to announce\nthat the acquisition of these properties has now been completed.\n\nCity Centre has been acquired for £274,799,860, with financing provided by\nCredit Suisse, and Central Plaza has been acquired for £72,838,517, with\nfinancing provided by AAReal Bank. City Centre consists of a retail and office\ncomplex in the Hongqiao district of Shanghai, with an existing gross floor area\nof some 187,650 square metres, and a site on which the company plans to\nconstruct a mixed-use development of some 77,500 square metres. Central Plaza is\na 19-storey office building overlooking People's Square in Shanghai having a\ngross floor area of 47,247 square metres.\n\nCircular\n\nThe Company will today distribute a circular to shareholders together with a\nnotice of Extraordinary General Meeting to be held on 3 September 2007. The\npurpose of this circular is to seek shareholders' authority to enable the\nCompany to make market purchases of its own shares and, in order to facilitate\nthis, to approve the requisite waiver by the Panel on Takeovers and Mergers\nunder Rule 9 of the City of Code on Takeovers and Mergers (the \"Rule 9 Waiver\").\n\nIn the period since the Company's shares were admitted to AIM, market conditions\nfor equities providing exposure to property markets both in the UK and elsewhere\nhave deteriorated markedly. In the circumstances, the Board believes that it\nwould be in the interests of shareholders as a whole for the Company to have the\nflexibility to stand in the market place as a potential purchaser of its own\nshares.\n\nThe Directors, advised by Teather & Greenwood, are recommending shareholders to\nvote in favour of the resolution to purchase its own shares and the Independent\nDirectors, advised by Teather & Greenwood, are recommending shar...