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23 Jan 2013 11:00
23 January 2013
SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC
("SAPRO" or "the Company")
Cost Savings
The Board of Directors of SAPRO is pleased to announce that in connection with its review of the Company's running costs, it expects that annual expenses from June 2013 will now be approximately £1 million, which represents a 37% reduction over the year ended June 2012 and a 70% reduction compared with the cost structure in 2009, when this Board assumed responsibility. This has been accomplished by reducing the fees of significant service providers and the Board. Board fees have been reduced by 26% from a total of £215,000 per annum to £160,000. The investment management agreement has been renegotiated and the Manager will receive an annual fee of £290,000 plus an incentive fee of 1.5 per cent. of the proceeds of each sale. The Manager will not receive any brokerage commission. The Group will continue to entertain approaches from all credible potential buyers of SAPRO's assets and work with the brokerage community to seek these buyers.
For further information please contact
Paul Fincham +44 (0) 20 7886 2713
Robert Naylor +44 (0) 20 7886 2714
Panmure Gordon
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