Compulsory Redemption of Shares

RNS Number : 7888T

Macau Property Opportunities Fund

06 July 2018

 

6 July 2018

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

COMPULSORY REDEMPTION OF SHARES

Further to the Company's previous announcements and as per the compulsory redemption mechanism outlined in the Company's circular to shareholders dated 8 June 2018 (the Circular) and now reflected in the Company's revised articles of incorporation, the Company advises that it will return to shareholders by way of a compulsory partial redemption of shares in the Company an aggregate amount of approximately USD 50.5 million (GBP 38.2 million) (the First Compulsory Redemption). This is equivalent to 50 pence per share currently in issue. The First Compulsory Redemption comprises an amount equal to approximately 62 per cent. of the net profits received following the Company's recent sale of the Senado Square development. The remainder of the disposal proceeds will be retained as working capital to support the Company's ongoing operations and also to be used to partially repay the Company's debts to maintain a prudent overall loan-to-value ratio.

The First Compulsory Redemption was approved by the Company's board of directors on 5 July 2018, following an extraordinary general meeting of the Company's shareholders at which shareholders approved necessary amendments to the Company's articles of incorporation to permit the compulsory redemption of the Company's shares at the discretion of the board. The results of the extraordinary general meeting have been published in a separate announcement.

The redemption price will be USD 3.46 for each share in the Company being redeemed (the Redemption Price). The Redemption Price is equivalent to the Adjusted Net Asset Value of the Company as at 31 March 2018. This equates to GBP 2.62 per share based on 5 July 2018 GBP/USD exchange rate of 1.32.

The number of shares to be redeemed in aggregate in this First Compulsory Redemption at the Redemption Price will be approximately 19 per cent. of the Company's issued share capital as at close of business on 9 July 2018 (the Redemption Date). 

The Company confirms that the payments of redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) within 14 business days of the Redemption Date, or as soon as practicable thereafter (the Redemption Payment Date). Shareholders will be paid their redemption proceeds in pounds sterling.

The First Compulsory Redemption will be effected pro rata to the holdings of shares registered in the names of shareholders on the Company's register at the close of business on 9 July 2018, being the Redemption Date. The Company currently has 76,432,964 shares in issue and all of the shares redeemed will be cancelled. No fractions of shares will be redeemed or issued and instead will be rounded down to the nearest whole share as appropriate.

All existing shares will be traded under the existing ISIN number GB00B1436N68 (the Old ISIN) until close of business on the Redemption Date.  All shares in issue will be disabled in CREST after 6.00 p.m. (UK time) on the Redemption Date and the Old ISIN will expire. The shares being redeemed will be cancelled on the Redemption Date and all proceeds of the First Compulsory Redemption will be paid in pounds sterling on or around the Redemption Payment Date.

The new ISIN number GG00BGDYFV61 (the New ISIN), in respect of the remaining shares which have not been redeemed, will be enabled and available for transactions from 8.00 a.m. (UK time) on Tuesday, 10 July 2018.  CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

EXPECTED TIMETABLE

Record date for the First Compulsory Redemption	Monday, 9 July 2018
Redemption Date and expiry of Old ISIN	Monday, 9 July 2018
New ISIN enabled	Tuesday, 10 July 2018
Redemption Payment Date (on or around)	Tuesday, 24 July 2018

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About Macau Property Opportunities Fund

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.

Listed on the London Stock Exchange's main market, it is also a constituent stock of the FTSE All-Share and FTSE SmallCap indices.

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

For further information:

Company Registration Number 44813

Website: www.mpofund.com 

Manager

Sniper Capital Limited

Doris Boo

Tel: [phone]

Email: [e-mail] 

Corporate Broker

Liberum Capital

Gillian Martin / Louis Davies

Tel: [phone]

Company Secretary & Administrator

Estera International Fund Managers (Guernsey) Limited

Kevin Smith

Tel: [phone]

Stock Code:

London Stock Exchange: MPO

LEI

213800NOAO11OWIMLR72 

 

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