31 Jan 2017 07:00
31 January 2017
For Immediate Release
Vietnam Infrastructure Limited
(the "Company")
Distribution to Holders of Private Equity Shares
The Board of Directors of the Company is pleased to announce an aggregate distribution to Private Equity Shareholders (the "Shareholders") of US$65 million (the "Distribution") representing US$0.1856 (rounded up to 4 decimal places) for each Private Equity Share currently in issue (the "Applicable Distribution Amount"). The Company has published a distribution circular that will be sent to Shareholders today which sets out the terms and conditions of the Distribution in more detail. The Record Date for the Distribution is Friday 24 February.
As explained in the Admission Document, the Company's current investing policy in relation to the Private Equity Portfolio is to seek to realise its Private Equity Portfolio investments at the best available value and in a reasonable timeframe with a target exit date of no later than 30 June 2017. The proceeds from the sale of investments in the Private Equity Portfolio and surplus net cash-flows will be distributed to the shareholders of the Private Equity Shares on a periodic basis.
Following the divestment of the major Private Equity Portfolio investments, the Board has resolved to declare a second distribution to Shareholders.
Shareholders entitled to receive the Distribution may elect to receive their Applicable Distribution Amount in "Cash Only" OR, if they are Eligible Shareholders, may elect to have the Company apply their Applicable Distribution Amount in subscribing for "VVF Shares Only" in the Company's name, and then transfer such VVF Shares to the relevant Eligible Shareholder (the "Election"). The subscription for such number of VVF shares including fractions (at the then current net asset value of a VVF Share) will equal to the relevant Applicable Distribution Amount (rounded down to three decimal places).
Please note that if a Shareholder does not make a valid Election for "Cash Only" they will receive VVF Shares. Please also note that any Elections made for "VVF Shares Only" that are received from Shareholders who are not Eligible Shareholders will be rejected and the Applicable Distribution Amount will be settled in cash.
The timetable for the Distribution is as follows:
2017 | |
Private Equity Shares trade ex-entitlement to the Distribution | Thursday 23 February |
Distribution Record Date | 6.00 p.m. (UK time)on Friday 24 February |
Latest time and date for receipt of any required anti-money laundering and know your customer compliance documents | 5.00 p.m. (Luxembourg time) on Friday 24 February |
Latest time and date for receipt of Election Forms and Transfer Forms | 5.00 p.m. (Singapore time) on Monday 27 February |
Results of the Distribution announced | Wednesday 1 March |
Settlement Date for the Distribution | Tuesday 14 March |
It is expected that Eligible Shareholders who submit valid Election Forms and Transfer Forms and who have elected to receive "VVF Shares Only" and who have provided all required anti-money laundering and know your customer compliance documents will receive confirmation in writing from EdR Asset Management (as administration agent for VVF) that their VVF Shares are registered in their name by the Settlement Date but no certificates representing the VVF Shares will be issued.
The distribution circular that will be sent to Shareholders today will contain the formal terms and conditions of the Distribution, together with details of how holders of Private Equity Shares can elect to receive their Applicable Distribution Amount in "Cash Only" or "VVF Shares Only". A copy of the distribution circular will also be available on the Company's website http://vni-fund.com.
Whether Shareholders elect to receive their Applicable Distribution Amount in "Cash Only" OR elect to receive "VVF Shares Only" will depend on each Shareholder's circumstances and is a decision which each Shareholder must make for itself in light of its individual financial and tax circumstances and personal investment objectives.
The above times and/or dates may be subject to change and, in the event of such change, the revised times and/or dates will be notified to the Shareholders by an announcement through a Regulatory Information Service of the London Stock Exchange.
Defined terms used in this announcement have the same meaning as ascribed to them in the distribution circular to Shareholders dated 31 January 2017.
Enquiries
For further information, please contact:
Vietnam Infrastructure Limited Rupert Carington Tel: +44 (0)20 7845 5950
VinaCapital Investment Management Limited
Tony Hsun Tel: +84 8 3821 9930
Numis Securities Limited, Broker
David Benda / Hugh Jonathan Tel: +44 (0)20 7260 1000
funds@numis.com
Grant Thornton UK LLP, Nominated Adviser Philip Secrett Tel: +44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
This announcement does not constitute a listing document, prospectus, offering memorandum, or offer or solicitation to any person in the United States or any other jurisdiction to purchase or sell any investment. No information set out in or referred to in connection with this announcement is intended to form the basis of any contract of sale, investment decision or any decision to purchase any securities, nor should such information be construed as providing financial, investment or other professional advice. This announcement should not be considered by the recipient as a recommendation relating to the acquisition or disposal of investments. It is recommended that recipients of this announcement seek their own independent legal, tax, financial and other advice. This announcement does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment.
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". In some cases, such forward-looking statements can be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. Any forward-looking statements are only made as at the date of this announcement, and the Company neither intends nor assumes any obligation to update forward-looking statements set forth in this announcement whether as a result of new information, By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, results of operations, financial condition, liquidity and distributions to shareholders may differ materially from the impression created by any forward-looking statements contained in this announcement.
The opinions expressed are those held by the Company at the date of this announcement and are subject to change. Neither the Company nor any of its affiliates accept any liability or responsibility whatsoever for the accuracy or completeness of, nor make any representation or warranty (express or implied) with respect to, the information contained in these materials or any publicly available information.