South African Property Opportunities Regulatory News (SAPO)

25 Aug 2009 09:10



25 August 2009

South African Property Opportunities PLC

(the "Company")

EGM Requisition

The Company announces that yesterday it received a requisition from Chase Nominees Limited to convene an extraordinary general meeting of the Company (the "EGM"). The Company understands that Chase Nominees is the nominee shareholder for 6,554,550 ordinary shares in the Company beneficially owned by Principle Capital L.P. (representing approximately 10.52 per cent. of the ordinary shares in issue).

The requisition requests that certain ordinary resolutions be put to shareholders at the EGM. These include resolutions seeking to remove all of the existing directors of the Company and to replace them with Quentin Spicer and David Humbles. The full text of the requisitioned resolutions is set out in the schedule to this announcement below.

The Board will write to the Company's shareholders in due course.

For further information please contact:

Richard Tice

South African Property Opportunities PLC

+44 (0)7785 900300

Paul Fincham 

Matrix Corporate Capital LLP 

+44 (0)20 3206 7175

Tim McCall / Lucinda Kemeny 

Hogarth Partnership 

+44 (0) 207 357 9477

Schedule

EGM Resolutions

The ordinary resolutions to be proposed at the EGM are:

THAT John David Chapman be and is hereby forthwith removed as a director of the Company.

2. THAT Craig Justin McMurray be and is hereby forthwith removed as a director of the Company.

3. THAT Richard James Sunley Tice be and is hereby forthwith removed as a director of the Company.

4. THAT any person appointed as a director of the Company between 21st 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 this general meeting, be and is hereby forthwith removed as a director of the Company.

5. THAT Quentin Spicer be and is hereby forthwith appointed as a director of the Company.

6. THAT David John Humbles be and is hereby forthwith appointed as a director of the Company.

7. THAT the board of directors of the Company (the "Board") be and are hereby instructed 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) call an Extraordinary General Meeting of the Company within two months of such appointment to allow shareholders to confirm such appointments.

8. THAT a strategic review be undertaken by the Board as reconstituted.