REG - Macau Prop Opp Fund - Interim Results for period ended 31 December 2025

Macau Property Opportunities FundAnnouncement

16/03/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260316:nRSP6765Wa&default-theme=true

RNS Number : 6765W  Macau Property Opportunities Fund  16 March 2026

16 March 2026

 

Macau Property Opportunities Fund Limited

("MPO" or "the Company")

 

Interim results for the six-month period ended 31 December 2025

 

Macau Property Opportunities Fund Limited announces its results for the period
ended 31 December 2025. The Company, which is managed by Sniper Capital
Limited, holds strategic property investments in Macau.

 

 

FINANCIAL HIGHLIGHTS

 

Fund performance

 

·      MPO's portfolio value(1) was US$78 million as at 31 December
2025, a decrease of 5.8% over the six-month period.

 

·      Adjusted Net Asset Value (NAV) was US$28.5 million, which
translates to US$0.46 (34 pence(2)) per share, a decline of 24.2% over the
period.

 

·      IFRS NAV was US$24.1 million as at the period end, equating
to US$0.39 (29 pence(2)) per share, a drop of 23.5% over the period.

 

Capital management

 

·      The consolidated cash balance was c.US$1.36 million, of
which US$1.34 million was pledged as collateral for credit facilities.

 

·      Gross borrowings stood at US$45.2 million, equating to a
loan-to-value ratio of 57% down from 58.3%, an improvement of 1.3% over the
period.

 

·      During the period up to the date of this report, loan repayments
of US$25.8 million (HK$ 204.2million) were made. A further US$ 3.2 million is
scheduled for repayment in Q2 2026 from completions of sales post period end.

 

 

Extension of Company life

 

·      At the Company's Annual General Meeting in December, shareholders
agreed to a further extension of the Company's life until December 2026.

 

Change to financial year end

 

·      The Board have decided that the financial year end of the Company
should be changed from 30(th) June 2026 to 31(st) December 2026. The purpose
behind this change is to align our financial reporting with the planned
divestment of the remainder of the portfolio. The Company will produce an
additional set of Interim financial statements for the period ending 30 June
2026 which will be released to the market during September 2026. The Audited
Annual Financial Statements for the extended 18 month period is expected to be
released to the market in March 2027.

 

 

(1) Calculation was adjusted to reflect like-for-like comparisons to 31
December 2025 due to the divestment of properties during the period.

(2) Based on the US Dollar/Sterling exchange rate of 1.346 on 31 December
2025.

 

PORTFOLIO HIGHLIGHTS

 

·      The Waterside

-  In the second half of 2025, a further nine units were sold. Recent
transactions indicate modestly improving market conditions, with achieved
prices reflecting narrower discounts to valuation compared with earlier
periods.

-  As at the end of 2025, a total of 45 units had been contracted for sales
 for aggregate gross proceeds of US$117.1 million, leaving 14 units available
for sale.

-  In the first two months of 2026, the Company contracted to sell a further
two units at The Waterside, with transactions expected to complete in May
2026. As at the date of this report, 12 units remain available for sale.
Another three Waterside units are under advance stage of negotiation; two of
which are expected to commit into contract before end of March 2026.-  The
current leasing programme has largely been terminated to prioritise sales,
with only selective short-term leases now considered. As of the end of 2025,
over 37% of The Waterside's remaining apartments were occupied.

·      The Fountainside

-  The sale of the final villa together with its associated parking space
was completed in early January 2026. The Company is therefore focused on the
disposal of the remaining inventory of three reconfigured apartments and two
car-parking spaces.

-  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

-  In December 2025, the Company's proposed £1.7 million placing was
unsuccessful, leaving insufficient working capital to meet a Penha Heights
loan repayment. The related loan facilities are therefore in default,
prompting closer monitoring by all the Company's lending banks and exerting
further pressure on investor sentiment. The Company continues to engage with
lenders to negotiate extensions and restructuring arrangements to stabilise
its capital structure while accelerating asset disposals.

-  The property is being marketed as two separate residences, in accordance
with its land titles, to broaden its buyer appeal and improve pricing
accessibility. Viewing and interest has increased from a number of prospective
purchasers from the Greater Bay area, and non-binding offers have been
received albeit at early stage of due diligence.

 

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

 

"Continued progress has been achieved through further sales of properties and
debt reduction. This has been delivered against a challenging and extremely
difficult backdrop for the real estate sector and for Macau's economy in
general.

"Falling market valuations have kept the loan-to-value covenants under
pressure, and lending banks have become more restrictive in their approach in
response to both the market and the Company's public statements on financial
constraints.

 

"The Manager's ability to execute the planned divestment programme is
compromised by market circumstances and the conditions imposed by our lenders
following the unsuccessful capital raise. This may reduce overall returns,
possibly significantly. Every effort and full focus remain on delivering the
best possible result for Shareholders through implementing a very deliberate
strategy agreed with the Manager."

 

 

Please access the MPO 2026 Interim Results in the below link:

MPO (https://mpofund.com/investors/publications/financial-results/) F
(https://mpofund.com/investors/publications/financial-results/) Financial
Results (https://mpofund.com/investors/publications/financial-results/)

 

 

 

For more information, please visit www.mpofund.com (http://www.mpofund.com/)
 for the Company's full Interim Report 2026.

 

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) .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IR GPUPWWUPQGAA



            Copyright 2019 Regulatory News Service, all rights reserved