SAPRO challenge to performance fee payment
04 Janeiro 2010 - 12:29PM
UK Regulatory
TIDMPCX
RNS Number : 9761E
Principle Capital Holdings S.A.
04 January 2010
Principle Capital Holdings S.A.
("Principle Capital," the "Company" or the "Group")
South African Property Opportunities plc ("SAPRO") - challenge to performance
fee payment
In Principle Capital's audited consolidated results for the year ended 31
December 2008, the Company accrued GBP2.46 million as its share of a potential
performance fee due from SAPRO to Proteus Property Partners Limited ("Proteus"),
the Company's 52% owned subsidiary.
Principle Capital notes the announcement made on 30 December 2009 by SAPRO that
SAPRO no longer believes a performance fee is payable, in spite of having
previously accrued for it. Proteus fully intends to challenge this conclusion.
However, should Proteus not be successful in its challenge, shareholders should
note that the Company's final results for the year ended 31 December 2008 would
have resulted in a loss rather than a profit. Should the performance fee not be
paid, this would not be expected to have any material impact on the Group's
results for the year ended 31 December 2009.
- Ends -
Enquiries
Principle Capital Holdings Tel: +44 20 7240 3222
Mark Whitfeld
Bell Pottinger Corporate & Financial Tel: +44 20 7861 3232
Olly Scott
Singer Capital MarketsTel: +44 20 3205 7500
Jeff Keating
This information is provided by RNS
The company news service from the London Stock Exchange
END
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