MACAU PROPERTY OPPORTUNITIES FUND LIMITED
8 September 2014
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Debt deals generate US$33 million cash
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announces that it has successfully generated an additional US$33 million of free cash through a combination of new loan facilities and restructuring of existing debt covenants.
The facilities are comprised of the following:
HK$100 million (c. US$13 million) via a top-up facility on the Company's assets located in One Central Residences with Hang Seng Bank. This additional credit facility will mature in September 2020, in keeping with the existing loan.
HK$132 million (c. US$17 million) through the removal of an early prepayment requirement, which releases all sales proceeds from individual units at One Central Residences (subject to maintaining a total loan-to-value ratio of not more than 50%).
HK$24 million (c. US$3 million) through the refinancing of the loan facility for its luxury private house investment, The Green House, with Banco Tai Fung on improved terms. The new facility increases the loan principal to HK$70 million (c. US$9 million), from HK$46 million (c. US$6 million) and will mature in June 2017.
Following these successful debt deals, MPO's total cash balance now stands at over US$55 million.
David Hinde, Chairman of MPO, said: "This successful conclusion of our debt negotiations demonstrates MPO's continuing ability to source funds at attractive rates, thanks to our strong relationships with financial institutions in the region. The Company's enhanced financial flexibility leaves it well-placed for the future."
--Ends--
About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Listed on the London Stock Exchange's main market, it is also a constituent stock of the FTSE All-Share and FTSE SmallCap indices.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$517 million portfolio comprises a mix of well-positioned residential and retail property assets.
The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in fund management and investment advisory.
For further information:
Company Registration Number 44813
Website: www.mpofund.com
Public Relations
MHP Communications
Simon Hockridge / Andrew Jaques / James Morgan
Tel: +44 20 3128 8100
Manager
Sniper Capital Limited
Tel: +65 6222 1440 (Investor Contact)
Tel: +853 2870 5151(Fund Advisor)
Email:info@snipercapital.com
www.snipercapital.com
Corporate Broker
Liberum Capital
Chris Bowman / Richard Bootle
Tel: +44 20 3100 2228
Company Secretary & Administrator
Heritage International Fund Managers
Mark Huntley
Tel: +44 14 8171 6000
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L
This information is provided by RNS
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