Last checked at 
27 Aug 2013 07:00
27 August 2013
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
MPO enters into formal contract to sell Zhuhai properties
US$64 million transaction subject to six months completion period
On 24 July 2013, Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announced it had entered into a provisional agreement to sell its Zhuhai properties, APAC Logistics Centre and Cove Residence, for a total combined RMB392 million (c. US$64 million*).
Following a satisfactory due diligence process by the purchasing party, the Company now announces that a formal Sales & Purchase Agreement has been signed on the following terms:
A non-refundable security deposit totalling RMB40 million (US$6.5 million) or 10% of the sales price, has been agreed, half of which was paid to the Company upon the signing of the provisional agreement and a further RMB20 million will be paid by 30 August 2013.
Full completion of the transaction will take place no more than six months after the signing of the formal agreement, at which time a further RMB312 million, or 80% of the total consideration, will be paid to MPO.
HK$50 million, equivalent to approximately RMB40 million and representing c. 10% of the sales price will be held in escrow as retention money for a further six months after the completion date. This will be released to MPO thereafter so long as no breaches of representations and terms as stipulated in the Sales and Purchase Agreement have occurred during this six months guaranteed period.
* Based on a US$/RMB exchange rate of 6.1154 as at 23 August 2013.
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About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey and listed on the London Stock Exchange's main market.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current $400 million portfolio comprises a mix of well-positioned residential, retail and logistics property assets.
The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in Fund Management and Investment Advisory.
For further information:
Company Registration Number 44813
Website: www.mpofund.com
Public Relations
MHP Communications
Simon Hockridge / Andrew Jaques / Rosa Smith
Tel: +44 20 3128 8100
Manager
Sniper Capital Limited
Tel: +65 6222 1440 (Investor Contact)
Tel: +853 2870 5151(Fund Advisor)
Email: info@snipercapital.com
www.snipercapital.com
Corporate Broker
Liberum Capital
Chris Bowman / Richard Bootle
Tel: +44 20 3100 2228
Company Secretary & Administrator
Heritage International Fund Managers
Mark Huntley / Laurence McNairn
Tel: +44 14 8171 6000
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L