PCX Principle Cap.

RNS Number:8200V
Principle Capital Holdings S.A.
01 May 2007


             PRINCIPLE CAPITAL HOLDINGS S.A. ("Principle Capital")

FURTHER FUND RAISING - SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC


The Board of Principle Capital is pleased to note the announcement made today by
South African Property Opportunities plc ("SAPRO") (Ticker: SAPO), regarding a
second fund raising by way of a placing. SAPRO is managed by the Proteus
Property Group ("Proteus") of which Principle Capital and one of its
subsidiaries owns 59.8%.

Placing commitments have been received which will result in SAPRO raising
approximately #34.2m after expenses. Based on the current level of commitments
(which may increase between now and the EGM of SAPRO to be held on 18 May 2007)
and on SAPRO's unaudited net assets of #29.25 million as at 31 December 2006,
SAPRO's net assets would increase to approximately #63.5 million following the
placing. It is intended that the existing and new funds raised will be used to
create a geared property portfolio of around #210 million (Rand 2.95 billion).

Brian Myerson, Chief Executive Officer of Principle Capital and Joint Chairman
of Proteus commented "We anticipate that the funds raised by SAPRO in October
last year will be fully allocated shortly. It is both a great credit to the
efforts made by the investment team to date as well as an acknowledgement of the
continuing quality of the pipeline of opportunity that this second fund raising
has been supported by all of the existing major shareholders. I am also pleased
to welcome some significant new investors to SAPRO, which means that SAPRO's
equity capital will more than double. South African real estate remains in my
view well placed to produce superior investment returns. As South Africa gains
recognition around the world for its sophisticated property market and solid
macroeconomic fundamentals, this can only be to the benefit of SAPRO."

Proteus will earn the same rate of management and performance fees from the
newly raised funds as it does from the existing capital of SAPRO. Whilst there
will be some investment in the professional and administrative team of Proteus,
the increase in funds under management will have an immediate positive
contribution to the profitability of Principle Capital.

The Placing is subject to shareholder approval at an Extraordinary General
Meeting of SAPRO to be held on 18 May 2007. Assuming approval is given, the
Placing Shares will be admitted to trading on AIM on 21 May 2007.


For further information, please contact:

Zoe Biddick
Biddicks

Tel no. +44 207 448 1000


Principle Capital
James Peggie/David Cooley
+44 20 7240 3222


Numis Securities Limited
Stuart Skinner
+44 20 7260 1000




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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