17th Aug 2009 15:00
17 August 2009
South African Property Opportunities plc
Result of EGM
The Board of Directors of South African Property Opportunities plc (the "Company": AIM: SAPO) announces that, at the Extraordinary General Meeting of the Company held today in the Isle of Man, the ordinary resolution to approve the strategic review and recommendations set out in the Company's circular to shareholders dated 23 July, 2009 was duly passed.
The Directors are gratified that the shareholders have endorsed the results of the strategic review, the conclusions of which included:
Disposing of a portion of SAPRO's portfolio where acceptable returns can be generated and returning capital to shareholders.
Serving notice in accordance with the existing management contract on the current investment manager such that its management contract will terminate on 20 October 2010.
The reduction of costs, of which the Board has already identified approximately ₤300,000 in annual costs savings in connection with third party service providers, as well as significant future cost savings expected from a restructuring of the management contract.
The special resolution to modernise the constitution of the Company by approving its re-registration under the Isle of Man Companies Act 2006 was voted for by shareholders together holding 70.18% of the shares in issue but, primarily because entities related to the manager voted against it, it failed to attract the requisite three quarters majority of votes cast and was therefore not passed.
Although reregistering the company under the 2006 act may have streamlined the return of capital, the Company will continue to market assets that have already been identified for disposal and return capital to shareholders as practicable.
The meeting was chaired by Simon Godwin as Richard Tice's duly appointed alternate.
- ENDS -
For further information please contact:
|
Richard Tice |
South African Property Opportunities plc |
+44 (0)7785 900300 |
|
Paul Fincham |
Matrix Corporate Capital LLP |
+44 (0)20 3206 7175 |
|
Tim McCall / Lucinda Kemeny |
Hogarth Partnership |
+44 (0) 207 357 9477 |
Related Shares:
South African Property Opportunities