MACAU PROPERTY OPPORTUNITIES FUND LIMITED 
By ?
24 July 2013
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
MPO enters into provisional agreement to sell Zhuhai properties.
Final terms subject to in-depth due diligence process
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announces it has entered into a Letter of Intent to sell its Zhuhai properties, APAC Logistics Centreand Cove Residence,for a total combined sales price of RMB392 million (c. US$64 million*).
Principal terms of the transaction are subject to an in-depth due diligence process by the purchasing party, expected to be concluded by mid-August 2013. There is therefore no guarantee that negotiations will progress beyond this stage.
A security deposit of RMB20 million (US$3.26 million), representing 5% of the potential sales price, has been received by MPO.
Subject to a satisfactory due diligence result, a formal Sales and Purchase Agreement will be entered into and a further deposit of RMB20 million (c. US$3.26 million) will be paid to MPO, with an expected completion period of six months from the date of the Sales & Purchase Agreement. The initial deposit of RMB20 million will be returned to the purchasing party free of interest charges, if the due diligence fails.
Further details confirming the status of the transaction will be released in due course.
* Based on a US$/RMB exchange rate of 6.1401 as at 23 July 2013.
** MPO has been in a self-imposed Close Period prior to the announcement of this transaction and has therefore been prevented from conducting any recent share buybacks.
- Ends -
About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey and listed on the London Stock Exchange Main Market.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current $400 million portfolio comprises a mix of well-positioned residential, retail and logistics property assets.
The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in Fund Management, Investment Advisory and Property Management.
For further information:
Company Registration Number 44813
Website: www.mpofund.com
Public Relations
MHP Communications
Simon Hockridge / Andrew Jaques
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 / Laurence McNairn
Tel: +44 14 8171 6000
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L
This information is provided by RNS
|
distributed by
|
