South African Property Opps PLC Sales Proceeds and Sale of Remaining Portfolio (6654S)

TIDMSAPO

RNS Number : 6654S

South African Property Opps PLC

23 December 2016

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 (GBP2.30m) 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 (GBP3.46m) to be paid in three instalments: an initial payment of ZAR 25m (GBP1.44m) already received, and further payments of ZAR 11m (GBP0.63m) on 28 February 2017 and ZAR 24m (GBP1.38m) 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                [phone] 

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

This information is provided by RNS

The company news service from the London Stock Exchange

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December 23, 2016 02:00 ET (07:00 GMT)