Ho Bee

Ho Bee: to lift halt at 4.45pm. Confirms that it has granted an option to LVND Homes to purchase Hotel Windsor for $163m. This compares with Colliers’ valuation of the property at $135.7m. The purchaser has exercised the option to purchase today, and a deposit of 2% of the consideration has been paid. A second tranche of 3% of consideration will be payable in 4 wks, a third tranche of 5% payable 12 wks before completion, and the remaining 90% to be payable on completion which is scheduled on or before 13 May ’13. Ho Bee expects to net a gain of ~$25.9m (7cts /sh). This would boost its NAV/sh to $2.36.