Notice of AGM

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/ .

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 .

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: [phone]

[e-mail]

www.snipercapital.com

Corporate Broker

Liberum Capital

Darren Vickers / Owen Matthews

Tel: [phone]

Company Secretary & Administrator

Ocorian Administration (Guernsey) Limited

Kevin Smith

Tel: [phone]

 

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