Three board members of AIM-listed South African Property Opportunities (SAPO) have resigned.

Chairman Quentin Spicer and directors David Humbles and Peter Bester resigned from the board of directors today. 

The board now comprises John Chapman, Craig McMurray and Richard Tice. SAPO said a fourth independent director, resident in an appropriate jurisdiction, is to be appointed as chairman of the company as soon as a suitable candidate, acceptable to all the remaining board members, has been identified.

In the meantime, Richard Tice will act as chairman. It said that the company's strategic review announced in February had made 'good progress'.

SAPO said: 'In response to views articulated by shareholders, the board is analysing ways in which the interests of management and shareholders can be better aligned and greater efficiencies achieved. A number of cost savings in relation to the administration of the company have already been identified.

'The remaining board members intend to build on this work so as to bring the strategic review to a satisfactory conclusion as soon as practicable. 

'They would also like to extend their gratitude to the departing board members for their contribution to the company since its inception. A further announcement, including details of surplus cash available for return to shareholders, will be made in due course.'