REG - Macau Prop Opp Fund - Annual Financial Report Year Ended 30 June 2025

Macau Property Opportunities FundAnnouncement

31/10/2025 17:45

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RNS Number : 7787F  Macau Property Opportunities Fund  31 October 2025

 

31 October 2025

 

Macau Property Opportunities Fund Limited

("MPO" or "the Company")

 

MPO Announces 2025 Annual Results

 

Macau Property Opportunities Fund Limited announces its results for the year
ended 30 June 2025. The Company, which is managed by Sniper Capital Limited,
holds strategic property investments in Macau.

 

FINANCIAL HIGHLIGHTS

 

Fund performance

 

·      On a combined basis, from July 2024 to October 2025, a total of
18 assets at The Waterside and The Fountainside were divested generating
US$36.2 million (HK$282.6million) of sales proceeds.

·      Debt levels significantly reduced by US$22.8 million during the
financial year falling from US$82.8 million to US$60.0 million. Since the
financial year-end, a further reduction of US$13.5 million has been achieved
as of 30 October 2025.

·      MPO's portfolio value(1) declined 16% over the year to US$101.5
million.

 

·   Adjusted NAV was US$ 37.6 million, which translates to US$0.61 (44
pence(2)) per share, a 43.1% decrease year-on-year (YoY).

 

·      IFRS NAV was US$31.5 million or US$0.51 (37 pence(2)) per share,
a 32.2% decrease YoY.

 

Capital management

 

·      As at 30 June 2025, the total assets on the Company's balance
sheet (two of which were carried at cost) were valued at US$96.9 million,
while its aggregate liabilities were US$65.5 million.

·    The consolidated cash balance was c.US$1.53 million, of
which US$1.41 million was pledged as collateral for credit facilities.

·      Gross borrowings stood at US$60 million, equating to a
loan-to-value ratio of 58.3%, an increase of 5.8% over the period.

·      Lower valuations have impacted the Company's Adjusted Net Asset
Value and also the loan-to-value ratios.

·    The Group renegotiated several banking facilities during and after
the financial year, involving extensions and partial settlements to align
divestment plans, operational needs, and sales targets.

·      Recognising the late stage of life of the Company, the pace of
progress achieved in respect of the Group's divestment programme and the
expected timeframe over which the remaining assets are expected to be
realised, the financial statements have been prepared on a basis other than
that of a going concern.

·      The Company intends to proceed with a modest equity capital raise
which will supplement sales to ensure that debt repayments are met as well as
meeting short-term working capital obligations. Should this be successful it
is deemed to deliver a better outcome for investors.

·      Should the capital raise be unsuccessful the options for the
Company will be adverse in terms of the overall outcome. The possibility will
exist that a bank loan default could be possible if assets were unable to be
sold. It is projected that the Company may remain viable subject to the
continuing divestment of assets but it will undoubtedly be significantly
impacted.

 

 

(1) Calculation was adjusted to reflect like-for-like comparisons to 30 June
2025 due to the divestment of properties during the period.

(2) Based on the US Dollar/Sterling exchange rate of 1.372 on 30 June 2025.

 

PORTFOLIO HIGHLIGHTS

 

·      The Waterside

-  The Manager continued to advance the strata sales programme at The
Waterside. The successful divestment of nine units during the financial year,
followed by five more after year-end, brings the cumulative total to 41 units,
realising a combined HK$834.5 million (US$106.7 million).

-  Regarding the post-year-end sales, four of the five units have been
completed as of 30 October 2025, with completion of the remaining unit
expected prior to the end of 2025. The property's 18 remaining available units
are primarily located on higher floors.

-  The current leasing programme has largely been terminated to prioritise
sales, with only selective short-term leases now considered. As of the end of
the period, approximately 37% of The Waterside's remaining apartments were
occupied.

·      The Fountainside

-  Three of the four villas at The Fountainside were divested during the
financial year for a total consideration of HK$41.4 million (US$5.3 million),
with two transactions completed during the period-and one transaction
completed post year-end. The fourth villa was also sold following year end,
subject to completion in January 2026.

-  The sales campaign for the three smaller units has continued to be
hampered by bureaucratic challenges which the Manager is working towards
resolving.

 

·      Penha Heights

-  The Company continues to actively seek a divestment of this flagship
asset. The Manager has engaged a firm of specialist Hong Kong real estate
agents to boost the marketing effort across the region, including within
mainland China.

-  In October, the Company secured a loan extension with Penha Heights
lender BCM Bank to extend the loan to end of January 2026.

 

Mark Huntley, Chairman of Macau Property Opportunities Fund, said:

"Our property divestment programme continued during the period with nine units
sold at The Waterside and a further five units sold or contracted to be sold
post year end. Three villas at The Fountainside were also sold during the
period with one transaction completed post year-end. The final remaining villa
was contracted to be sold post year end, leaving only three small flats to be
sold at The Fountainside.

"Struggling regional economies in Macau and on a broader basis in mainland
China and Hong Kong, have created caution and a wait-and-see approach amongst
prospective purchasers. Over recent months, the Manager has reported seeing
increased interest and a slight hardening of pricing for the remaining 18
units in the Waterside. A sale of Penha Heights is also a key focus following
the recent extension of the BCM loan.

"Despite the welcome reduction in debt, lower valuations have impacted our
Adjusted Net Asset Value and also the Loan to Value ratios. As valuations have
declined, lenders positions have noticeable hardened and the Company is having
to very strictly and carefully manage its working capital to meet obligations
both to its lending partners and also its service providers.

 

"The Company intends to proceed with a modest capital raise. If successful
this will supplement divestments to ensure that debt repayments are met. Such
measures are moderately dilutive to shareholders but deemed necessary to
provide confidence that the Company can meet its near term obligations. It is
deemed to deliver a better  outcome for shareholders. Should the capital
raise be unsuccessful, however, the options for the Company will be adverse in
terms of the overall outcome.

 

"We continue to believe that a carefully managed divestment process is in the
best interest of all shareholders "

 

 

Please access the MPO 2025 Annual Results in the below link:

MPO (http://mpofund.com/wp-content/uploads/2025/10/MPOF-Anual-Report-2025.pdf)
F (http://mpofund.com/wp-content/uploads/2025/10/MPOF-Anual-Report-2025.pdf)
(http://mpofund.com/wp-content/uploads/2025/10/MPOF-Anual-Report-2025.pdf)
2025 Annual Results
(http://mpofund.com/wp-content/uploads/2025/10/MPOF-Anual-Report-2025.pdf)

 

 

For more information, please visit www.mpofund.com (http://www.mpofund.com/)
 for the Company's full Interim Report 2025.

 

The Manager will be available to speak to analysts and the media. If you would
like to arrange a call, please contact Sniper Capital Limited
at info@snipercapital.com (mailto:celine.jiang@snipercapital.com) .

 

The Annual Report has been submitted to the National Storage Mechanism and
will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)

About Macau Property Opportunities Fund

Listed on the Main Market of the London Stock Exchange, Macau Property
Opportunities Fund Limited (http://mpofund.com) is a closed-end investment
company registered in Guernsey and is the only quoted property fund dedicated
to investing in Macau, the world's leading gaming market and the only city in
China where gaming is legalised.

Launched in 2006, the Company targets strategic property investment and
development opportunities in Macau. Its current portfolio comprises prime
residential property assets.

The Company is managed by Sniper Capital Limited (http://snipercapital.com/) ,
an Asia-based property investment manager with an established track record in
fund management and investment advisory.

 

Stock Code

London Stock Exchange: MPO

 

LEI

213800NOAO11OWIMLR72

 

For further information, please contact:

 

Manager

Sniper Capital Limited

Group Communications

Tel: +853 2870 5151

Email: info@snipercapital.com

 

Corporate Broker

Panmure Liberum Limited

Darren Vickers

Tel: +44 20 3100 2000

 

Company Secretary & Administrator

Ocorian Administration (Guernsey) Limited

Kevin Smith

Tel: +44 14 8174 2742

 

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