South African Prop. - Kindlewood and Gosforth Park Transactions Close London Stock Exchange
RNS Number : 0575X
South African Property Opps PLC
14 November 2014
 



14 November 2014

 

South African Property Opportunities Plc (the "Company")

 

Kindlewood and Gosforth Park Transactions Close

 

The Board of Directors of South African Property Opportunities Plc is pleased to announce that the Company has concluded a sale for the remaining six completed houses as well as the vacant development land constituting all the assets of the Kindlewood Project and the net proceeds of ZAR 20 million have been received.  The purchase price represents an 18% discount to the most recently reported carrying value of the Kindlewood properties.  The SAPRO Board further announces that the Company has concluded the sale of the last remaining development site at Gosforth Park and the net proceeds of ZAR 11.8 million have been received.  The Gosforth Park sale price also represents an 18 % discount to the most recently reported carrying value of the property.

 

In accordance with the Company's stated policy all excess cash will be distributed to shareholders as soon as practicable.   The Company will provide a full update to shareholders on our portfolio and cash balances in our financial statements to be released in December.

 

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

 

 

 


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