South African Property Opps PLC African Renaissance Transaction (2843U)
July 28 2015 - 6:35AM
UK Regulatory
TIDMSAPO
RNS Number : 2843U
South African Property Opps PLC
28 July 2015
South African Property Opportunities Plc (the "Company")
African Renaissance Transaction
The Board of Directors of South African Property Opportunities
Plc is pleased to announce that the Company has entered in to a
contract to sell the African Renaissance Project for ZAR 70
million. This amount will be received in two installments with the
first payment of ZAR 30 million due on 01 September 2015, and a
second payment of ZAR 40 million due on 31st December 2016. The
purchaser has agreed to provide a bank guarantee for the second
payment. The ZAR 70 million purchase price represents a 27%
discount to the current carrying value of the property (ZAR 96
million). This discount reflects the difficult macro-economic
conditions prevailing in South Africa coupled with protracted
delays of electrical supply and an unresolved land claim on the
African Renaissance property. The Company has received ZAR 1
million as nonrefundable consideration for entering into the
purchase and sale contract.
In accordance with the Company's stated policy, all excess cash
will be returned to shareholders as soon as practicable.
For further information please contact
Paul Fincham +44 (0) 20 7886 2713
Robert Naylor +44 (0) 20 7886 2714
Panmure Gordon
Ian Dungate/David Parnell + 44 (0) 1624 692600
Galileo Fund Services Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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