South African Property Opportunities Regulatory News (SAPO)

1 Apr 2009 07:00



South African Property Opportunities plc

Re: Further changes to composition of the Board of Directors

The Board of Directors of South African Property Opportunities plc announces that Quentin Spicer (Chairman), David Humbles and Peter Bester have today resigned from the Board of Directors. The Board therefore now comprises John Chapman, Craig McMurray and Richard Tice.

A fourth independent director, resident in an appropriate jurisdiction,, is to be appointed as Chairman of the Company as soon as a suitable candidate, acceptable to all the remaining Board members, has been identified. In the meantime, Richard Tice will act as Chairman until such appointment is made.

With regard to the strategic review announced in February good progress has been made. In response to views articulated by shareholders, the Board is analysing ways in which the interests of management and shareholders can be better aligned and greater efficiencies achieved. A number of cost savings in relation to the administration of the Company have already been identified.

The remaining Board members intend to build on this work so as to bring the strategic review to a satisfactory conclusion as soon as practicable. They would also like to extend their gratitude to the departing Board members for their contribution to the Company since its inception. 

A further announcement, including details of surplus cash available for return to shareholders, will be made in due course.

- ENDS -

For further information please contact:

South African Property Opportunities plc

Richard Tice, Director

+44 7785 900300

Matrix Corporate Capital LLPPaul Fincham +44 20 3206 7175