23 Dec 2016 07:00
South African Property Opportunities Plc ("the Company")
Receipt of Sale Proceeds and Agreement to Sell the Remaining Portfolio
The Board of Directors of South African Property Opportunities Plc is pleased to announce that the Company has received the ZAR 40m (£2.30m) final instalment from the sale of the African Renaissance asset, in line with the agreed timescale.
The Company has also concluded contracts to sell its remaining assets, by selling the South African subsidiary companies, for ZAR 60m (£3.46m) to be paid in three instalments: an initial payment of ZAR 25m (£1.44m) already received, and further payments of ZAR 11m (£0.63m) on 28 February 2017 and ZAR 24m (£1.38m) on 30 June 2017. Both of the 2017 payments are secured by a bank guarantee from Investec. The book value of the subsidiary companies as at 30 June 2016 has been reduced to the sale price.
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 + 44 (0) 1624 692600
Galileo Fund Services Limited
David Hunter
Chairman
South African Property Opportunities plc
Millennium House
46 Athol Street
Douglas
IM1 1JB
Isle of Man