SAPRO challenge to performance fee payment

 

TIDMPCX 
 
RNS Number : 9761E 
Principle Capital Holdings S.A. 
04 January 2010 
 

 
 
 
Principle Capital Holdings S.A. 
("Principle Capital," the "Company" or the "Group") 
 
 
 
 
 
 
South African Property Opportunities plc ("SAPRO") - challenge to performance 
fee payment 
 
 
 
 
In Principle Capital's audited consolidated results for the year ended 31 
December 2008, the Company accrued GBP2.46 million as its share of a potential 
performance fee due from SAPRO to Proteus Property Partners Limited ("Proteus"), 
the Company's 52% owned subsidiary. 
 
 
Principle Capital notes the announcement made on 30 December 2009 by SAPRO that 
SAPRO no longer believes a performance fee is payable, in spite of having 
previously accrued for it. Proteus fully intends to challenge this conclusion. 
 
 
However, should Proteus not be successful in its challenge, shareholders should 
note that the Company's final results for the year ended 31 December 2008 would 
have resulted in a loss rather than a profit.  Should the performance fee not be 
paid, this would not be expected to have any material impact on the Group's 
results for the year ended 31 December 2009. 
 
 
- Ends - 
 
 
 
 
Enquiries 
 
 
 
 
Principle Capital Holdings Tel: [phone] 
Mark Whitfeld 
 
 
 
Bell Pottinger Corporate & Financial    Tel: [phone] 
Olly Scott 
 
 
 
Singer Capital MarketsTel: [phone] 
Jeff Keating 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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