South African Property Opps PLC Sales Proceeds and Sale of Remaining Portfolio (6654S)
December 23 2016 - 1:00AM
UK Regulatory
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 +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
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDLLFLQLFFFBB
(END) Dow Jones Newswires
December 23, 2016 02:00 ET (07:00 GMT)
SA Property Opps (LSE:SAPO)
Historical Stock Chart
From Apr 2024 to May 2024
SA Property Opps (LSE:SAPO)
Historical Stock Chart
From May 2023 to May 2024