South African Property Opps PLC Receipt of Sale Proceeds (8728G)
June 01 2017 - 6:00AM
UK Regulatory
TIDMSAPO
RNS Number : 8728G
South African Property Opps PLC
01 June 2017
1 June 2017
South African Property Opportunities plc ("the Company")
Receipt of Sale Proceeds
The Board of Directors of South African Property Opportunities
plc is pleased to announce that the Company has received ZAR 20m
(GBP1.18m) of the payment for the sale of the Company's principal
South African subsidiary, ahead of schedule. A further ZAR 4m
(c.GBP240,000) is due by 30 June 2017.
The Brakpan payment of ZAR 11m (c.GBP660,000), originally due in
February 2017, has been further delayed as a result of objections
from the partner. The Board regards these objections as spurious
and is taking all steps to close the deal as soon as possible.
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/Suzanne Jones +44 (0) 1624 692600
Galileo Fund Services Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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