Placing and Financial Position Update

Macau Property Opportunities Fund

27 November 2025

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM A PART OF ANY OFFER TO SELL OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA") OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF THE COMPANY.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

27 November 2025

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

Placing and financial position update

Further to the Company's announcements on 17 November 2025 and 24 November 2025 of a proposed placing of new ordinary shares in the Company, in order to raise a minimum of £1.7 million, the Company notes that it has been unable to raise the required minimum amount and the placing will therefore not proceed.

As described in the Company's circular dated 17 November 2025, in the absence of alternative funding and/or  substantial and immediate proceeds from the realisation of assets and/or agreement to the contrary (none of which can be guaranteed), the Group would not be able to satisfy the December 2025 loan instalments (which amount to £1.5m in aggregate and are scheduled for payment on 15 December 2025) due on its Penha Heights banking facilities and/or be in breach of certain financial covenants under these facilities.  The Company will seek to continue its discussions with its lenders and, if possible, accelerate the sale of properties, but there is no certainty as to the outcome.

Absent agreement to the contrary, if the Company were unable to satisfy the above payments when they become due, the lenders could demand accelerated repayment of part and/or all outstanding amounts due and/or call on parent guarantees given by the Company to relevant borrower entities, and  cross-default provisions across the Group's other facilities could be triggered. This could ultimately result in expedited and enforced sales of the two Penha Heights units by the lenders (including at depressed prices) and/or the Group being required to satisfy demand for payment of all outstanding monies due in respect of Penha Heights through other means (which the Company does not anticipate being able to do given its current working capital and liquidity position).

Due to prevailing market conditions, there is no certainty that, in the case of lender enforcement, Penha Heights could be sold for an amount equal to or above the outstanding loan amounts secured against it which could result in the Group not being able to satisfy the loans secured against Penha Heights nor being able to distribute any returns to Shareholders in respect of that property. Due to the parent company guarantees under the Penha Heights banking facilities and cross-default provisions in the Group's financing documents, there is also a risk that the Group could become obligated to dispose of its other outstanding properties on an expedited and/or depressed basis, and this could lead to the need for restructuring, liquidation or insolvency proceedings and Shareholders losing all or part of their investment.

The Company will be actively seeking to avoid any default situation and is taking advice on its position.  A further update will be issued in due course.

Stock Code

London Stock Exchange: MPO

LEI

213800NOAO11OWIMLR72 

For further information:

Manager

Sniper Capital Limited

Group Communications

Tel: [phone]

Email: [e-mail]

Corporate Broker, Financial Adviser and Sole Bookrunner

Panmure Liberum Limited

Darren Vickers

Tel: [phone]

Company Secretary & Administrator

Ocorian Administration (Guernsey) Limited

Kevin Smith

Tel: [phone]

About Macau Property Opportunities Fund

Listed on the Main Market of 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 leading 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.

 

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