3rd Apr 2018 11:45
LONDON (Alliance News) - South African Property Opportunities PLC confirmed on Tuesday it is to seek shareholder approval to voluntarily liquidate the company.
On Thursday last week, the company said it would propose the wind-up after an unsuccessful attempt to sell its Brakpan asset in Gauteng province, South Africa.
South African Property expects its shares to be suspended from trading on London's AIM market on May 2, and if approved by shareholders, they will be cancelled the day after.
The firm said last week it had contracted to sell the Brakpan asset for ZAR11 million, or GBP650,000. However, the company attempted to enforce this contract without success.
For the six months to December 31, the company posted a comprehensive loss of GBP685,618, reflecting costs for the period together with an estimate of the future costs of the company up to the conclusion of the liquidation and the write off of remaining investment balances in South Africa.
The comprehensive loss compared to a GBP260,000 profit a year before. The company's pretax loss came in at GBP406,000, compared to a profit of GBP5.2 million a year earlier.
Shares were untraded on Tuesday at 0.20 pence each.
Related Shares:
South African Property Opportunities
