27th Apr 2018 16:57
LONDON (Alliance News) - South African Property Opportunities PLC said Friday Non-Executive Director Stephen Coe has resigned with immediate effect for personal reasons.
Non-Executive Chairman David Hunter said: "The board of the company is very grateful for Stephen's contribution during his time as a director and we wish him well in his future endeavours."
South African Property said Tuesday investors holding a 81% stake were prepared to vote against proposals to de-list and wind-up the firm in early May.
The company was informed that Michael Meyers - who holds a 29.9% stake in the firm - had requested the firm cancel or adjourn its May 2 meeting due to vote on the proposals to first de-list from the AIM market and second to wind-up the firm, with two other major shareholders prepared to follow suit.
South African Property said early April it was to seek shareholder approval to voluntarily liquidate the company after an unsuccessful attempt to sell its Brakpan asset in Gauteng province, South Africa.
Should the resolutions have been passed, South African Property expects its shares to be suspended from trading on the AIM market on Wednesday next week and then cancelled Thursday.
Shares closed down 11% on Friday at 0.62 pence each.