Macau Property Opportunities Fund Notice of AGM (8708E)
November 10 2020 - 8:00AM
UK Regulatory
TIDMMPO
RNS Number : 8708E
Macau Property Opportunities Fund
10 November 2020
10 November 2020
Macau Property Opportunities Fund Limited
Notice of Annual General Meeting and Reduction in Operating
Costs
Macau Property Opportunities Fund Limited (the "Company")
announces that the Notice of Annual General Meeting ("AGM") will be
posted to shareholders today. The AGM will take place on 30
November 2020 at 9.00 a.m. (GMT) 5.00 p.m. (HKT).
An electronic copy of the AGM and Chairman's Letter is available
at the Company's website at
https://mpofund.com/investors/publications/shareholder-documents/
.
In addition to the ordinary business being proposed at the AGM,
a resolution will be put to shareholders to continue the life of
the Company (the "Continuation Resolution") in accordance with the
obligation set out in the circular dated 8 June 2018. Additionally,
the Board are proposing some minor amendments to the Company's
Articles of Incorporation, in order to enable greater flexibility
for proposing subsequent Continuation Resolutions, and to
facilitate Director participation at Board Meetings, where current
travel restrictions and guidelines prevent physical attendance in
Guernsey.
The Board recommends that shareholders vote in favour of the
Continuation Resolution in order to allow the opportunity to
dispose of the remaining Company assets in an orderly way. It is
likely that returns from sales of properties would be significantly
lower if the Company was forced to sell as a result of
discontinuation. It is the Board's view that it is therefore
commercially sensible for the Company to continue. The Board also
recommend that shareholders vote in favour of the resolution to
amend the Company's Articles of Incorporation, as such changes
would aid the Board of Directors in the timely delivery of the
Company's divestment strategy.
In the Chairman's Statement in the annual financial statements
published on 8 October 2020, it was stated that the Company had
benefitted from a combination of lower management and
administration fees, periods of favourable exchange rates and
borrowing costs. The Board and the Manager are in discussions to
potentially alter the fee arrangements previously agreed. This is
to reflect the continued need for investment and management
functions for longer than had been expected, as a direct
consequence of the delays to the divestment programme brought about
by the impact of the COVID 19 pandemic on the Macau economy and the
sale of the remaining assets. A separate announcement will be
issued on conclusion of those discussions.
The Audit Committee is carrying out an audit tender process
which was referred to in the Company's Annual Report in accordance
with the guidelines and practice set out in the AIC code which the
Company follows. The Board expects that the tender and evaluation
process will conclude shortly, at which point it will be in a
position to confirm the appointment of the Company's statutory
auditor for the 2020/2021 financial period on the recommendation of
the Audit Committee.
The uncertainty that the COVID-19 outbreak produced during the
first half of 2020 has affected all aspects of life and business
sentiment, and wider world markets will remain challenged. It
appears that Macau may be past the worst, however, the recovery
process will take time and we need both confidence in the Macau
economy and further easing of travel restrictions to translate into
improved sentiment to support the divestment of assets. In
addition, external factors including capital controls within
mainland China, the direction of US/China trade tensions and the
wider effects of COVID will influence the pace of a recovery in the
luxury property sector in Macau.
Notes
A copy of the Notice and the Form of Proxy has also been filed
at the National Storage Mechanism web-site at
www.morningstar.co.uk/uk/NSM .
About Macau Property Opportunities Fund
Premium listed on the London Stock Exchange, Macau Property
Opportunities Fund Limited is a closed-end investment company
registered in Guernsey and is the only quoted property fund
dedicated to investing in Macau, the world's largest gaming market
and the only city in China where gaming is legalised.
Launched in 2006, the Company targets strategic property
investment and development opportunities in Macau. Its current
portfolio comprises prime residential property assets.
The Company is managed by Sniper Capital Limited, an Asia based
property investment manager with an established track record in
fund management and investment advisory.
Stock Code
London Stock Exchange: MPO
LEI
213800NOAO11OWIMLR72
For further information:
Investor Relations
Sniper Capital Limited
Tel: +65 6222 1440
info@snipercapital.com
www.snipercapital.com
Corporate Broker
Liberum Capital
Gillian Martin / Owen Matthews
Tel: +44 20 3100 2000
Company Secretary & Administrator
Ocorian Administration (Guernsey) Limited
Kevin Smith
Tel: +44 14 8174 2742
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