South African Property Opportunities Regulatory News (SAPO)

14 Sep 2009 09:23

14 September 2009

South African Property Opportunities plc

EGM Notice and Proxy Form

South African Property Opportunities plc (the "Company") announces that it has posted to its shareholders a notice from Chase Nominees Limited requisitioning an extraordinary general meeting.

The extraordinary general meeting will be held on Thursday 8 October 2009 at 11.30 a.m. at the registered office of the Company, Third Floor, Britannia House, St. George's Street, Douglas, IM1 1JE, Isle of Man.

Resolutions are to be considered at the extraordinary general meeting for: (i) the removal as Company Directors of John Chapman, Craig McMurray, Richard Tice and any person appointed as a director of the Company between 21 August 2009 and immediately prior to the general meeting of the Company at which this resolution is considered other than any such person whose appointment is approved or ratified at the general meeting; (ii) the appointment of Quentin Spicer and David Humbles as Company Directors; (iii) the instruction of the board of directors of the Company (the "Board") to (a) immediately consult with shareholders and the Company's nominated adviser with a view to the appointment to the Board of two further independent non-executive directors; (b) appoint such persons as directors to the Board; and (c) to call an Extraordinary General Meeting of the Company within two months of such appointment to allow shareholders to confirm such appointments; and (iv) a strategic review to be undertaken by the Board as reconstituted.

The Board believes that Chase Nominees Limited has convened the meeting at the instruction of individuals related to the Company's investment manager and that these proposals are intended to revisit the strategy which over 70 percent of the Company's shareholders approved at an extraordinary general meeting on 17 August 2009. That strategy included terminating the investment management contract, realizing certain assets and returning the proceeds to shareholders, and reducing costs. The Board therefore unanimously recommends shareholders to vote against all resolutions to be proposed. As previously announced, the Board is in discussions with potential candidates for additional non-executive directors and will be discussing such appointments with major shareholders before they are finalised. Further announcements will be made in due course.

For further information, please contact:

Richard Tice

South African Property Opportunities PLC

+44 (0)7785 900 300

Paul Fincham

Matrix Corporate Capital LLP

+44 (0)20 3206 7175

Tim McCall/Lucinda Kemeny

Hogarth Partnership

+44 (0)20 7357 9477