1 Jun 2017 12:00
1 June 2017
South African Property Opportunities plc ("the Company")
Receipt of Sale Proceeds
The Board of Directors of South African Property Opportunities plc is pleased to announce that the Company has received ZAR 20m (£1.18m) of the payment for the sale of the Company's principal South African subsidiary, ahead of schedule. A further ZAR 4m (c.£240,000) is due by 30 June 2017.
The Brakpan payment of ZAR 11m (c.£660,000), originally due in February 2017, has been further delayed as a result of objections from the partner. The Board regards these objections as spurious and is taking all steps to close the deal as soon as possible.
In accordance with the Company's stated policy, all excess cash will be returned to shareholders as soon as practicable.
The intention of the Directors is to take steps to wind the Company up following receipt of the final payment, and to distribute all available cash.
This announcement contains inside information.
For further information please contact:
Paul Fincham/Jonathan Becher +44 (0) 20 7886 2500
Panmure Gordon
Ian Dungate/Suzanne Jones +44 (0) 1624 692600
Galileo Fund Services Limited