David Hunter becomes SAPRO chairman

The Board of Directors of South African Property Opportunities plc (SAPRO) has announced the appointment of David Hunter as the company's new non-executive Chairman, the addition of David Saville and Simon Godwin as new non-executive directors, the resignation of the current Chairman, and further progress in implementing the strategic review.

David Hunter is a UK-based Property Fund Consultant. For twenty years up to 2005 he was a leading property fund manager ultimately responsible for €10bn of property assets across Europe for Arlington Property Investors. David is a fellow of the Royal Institution of Chartered Surveyors, a former President of the British Property Federation, and a member of the Bank of England Property Forum.

David J. Saville is an Isle of Man based property fund manager currently managing a number of property sector investment vehicles with investments predominantly in the UK and Australia. From 1992 to 2001 David was the Managing Director of Saville Gordon Estates plc, which he was instrumental in repositioning as a FTSE 250 property company specializing in industrial property. David is a member of the Royal Institution of Chartered Surveyors.

Simon Godwin is a UK-based entrepreneur, who from 1992 through 2007 was an investment banker with Schroders and BNP Paribas. Simon has a law degree from Cambridge and qualified as a chartered accountant while at Deloitte Haskins and Sells, where he began his career as an auditor. Simon will head the company's audit committee.

Following the Board changes, which became effective yesterday evening, SAPRO's current Chairman, Richard Tice is stepping down as Chairman and as a director but will provide consulting services for the remainder of the year to ensure a smooth transition for his successor.

Following the recent EGM, where over 70 per cent of SAPRO's shareholders approved the Board's strategy of terminating the investment management agreement, realizing certain assets and returning the proceeds to shareholders, and reducing costs, SAPRO has announced that it intends to serve a termination notice on the current investment manager (the "Manager") on 20 October 2009 in accordance with the management agreement and has been carefully examining any legal obligations to pay the Manager any performance fee in connection with the year ended 30 June 2009.

SAPRO has further announced that it has terminated its arrangements with Silex Management Limited, a Geneva-based company related to the Manager, which provided SAPRO with administrative services. Silex Management Limited has been replaced at a substantial saving to SAPRO.

Further announcements on these subjects will be forthcoming as appropriate.

Commenting on the announcement, David Hunter said, "I am delighted to be joining SAPRO as Chairman and overseeing the implementation of the strategic review.

"I believe we have a well balanced, highly qualified board and a clear sense of direction. I am confident that over the next few months our shareholders will see further developments in accordance with their wishes.

"On behalf of the entire board, I wish to express deep appreciation of my predecessor's able leadership in completing the strategic review and wish him success for the future."