SAPRO EGM defeats overthrow attempt

An Extraordinary General Meeting of South African Property Opportunities (SAPRO), chaired by David Hunter, has rejected an attempt to remove the board and reinstate former directors.

A company statement said:

"SAPRO announces that shareholders have today defeated EGM resolutions put forward by Chase Nominees as nominee for Principle Capital LP (an entity related to the Company's current investment manager).

"With over 94 percent of Company shares represented at the EGM in person or by proxy, shareholders decisively voted against the resolutions to remove the entire board and reinstate several former directors. Over 73 percent of those shares voting supported the current Board and opposed returning the former directors to office. Of the 26.4 percent of shares that did vote in favour of the resolutions the Board believes that at least 89.9 percent of these were shares controlled by entities affiliated with or related to the manager."

David Hunter, SAPRO's Chairman, said:

"The requisition has been a pointless distraction since it was lodged in August. Dealing with it has consumed substantial Company resources for no apparent purpose. Now that the vote has been concluded, we intend to expeditiously proceed with implementing the strategic review as supported by approximately 70 per cent of our shareholders, including serving notice on the manager later this month and reducing costs."

In a separate statement, SAPRO's Board of Directors announced the launch of the company's new website (www.saprofund.com) which includes information required by Rule 26 of the AIM Rules for Companies (1 June 2009).