REG - Macau Prop Opp Fund - Notice of AGM

Macau Property Opportunities FundAnnouncement

24/11/2022 07:00

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RNS Number : 3888H  Macau Property Opportunities Fund  24 November 2022

24 November 2022

 

Macau Property Opportunities Fund Limited

 

Notice of Annual General Meeting

 

 

Macau Property Opportunities Fund Limited (the "Company") announces that the
Notice of Annual General Meeting ("AGM") will be posted to shareholders today.
The AGM will take place on 13 December 2022 at 10.00 a.m. (GMT) 6.00 p.m.
(HKT).

 

An electronic copy of the AGM and Chairman's Letter is available at the
Company's website at
https://mpofund.com/investors/publications/shareholder-documents/
(https://mpofund.com/investors/publications/shareholder-documents/) .

 

In addition to the ordinary business being proposed at the AGM, a resolution
will be put to shareholders to continue the life of the Company (the
"Continuation Resolution") in accordance with the obligation set out in the
circular dated 8 June 2018.

During 2022, the divestment strategy for the Company's luxury residential
tower, The Waterside, was expanded to include strata sales, which to-date has
led to the successful divestment of five units valued at approximately US$17
million. The average transaction price of the 5 units was at a 6% discount to
the average valuation of the Waterside as at 30 June 2022 but represented a
74% increase against costs.  More recently, a new sales programme featuring
an additional five units has been launched, generating positive initial
feedback among potential buyers. The Company will aim to progress its
divestment programme for all its remaining assets throughout 2023, taking into
account market conditions and investor demand.

It is likely that returns from sales of properties would be significantly
lower if the Company was forced to sell as a result of discontinuation. It is
the Board's view that it is therefore commercially sensible for the Company to
continue.

The Board recommends that shareholders vote in favour of the Continuation
Resolution in order to allow the opportunity to dispose of the remaining
Company assets in an orderly way.

 

 

Notes

 

 

A copy of the Notice and the Form of Proxy has also been filed at the National
Storage Mechanism web-site at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

About Macau Property Opportunities Fund

Premium listed on the London Stock Exchange, Macau Property Opportunities Fund
Limited is a closed-end investment company registered in Guernsey and is the
only quoted property fund dedicated to investing in Macau, the world's largest
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, 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:

Investor Relations

Sniper Capital Limited

Tel: +853 2870 5151

info@snipercapital.com

www.snipercapital.com

 

Corporate Broker

Liberum Capital

Darren Vickers / Owen Matthews

Tel: +44 20 3100 2000

 

Company Secretary & Administrator

Ocorian Administration (Guernsey) Limited

Kevin Smith

Tel: +44 14 8174 2742

 

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