18 Feb 2016 09:18
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18 February 2016
For Immediate Release
Vietnam Infrastructure Limited
(the "Company")
Result of Tender Offer
The Company announces today the result of its second tender offer for the repurchase by the Company of up to 50 per cent. of the Company's Listed Portfolio Shares (AIM: VNIL) in issue as at the Second Repurchase Day in exchange for Class A VVF Shares (the "Tender Offer").
The Tender Offer closed on Wednesday, 17 February 2016 at 5:00 pm Singapore time with 38.7 per cent. of the Company's Listed Portfolio Shares being validly tendered, totalling 67,828,807 Listed Portfolio Shares. As a result, the Individual Limit of all Shareholders who have validly tendered their Listed Portfolio Shares has been accepted in full and the Listed Portfolio Shares tendered in excess of the Individual Limit (the "Excess Shares") have been satisfied on a pro-rata basis to the extent of 100 per cent. of the Excess Shares tendered.
The Company has repurchased the Listed Portfolio Shares at a price of US$0.2932 per Listed Portfolio Share (being a discount of 2 per cent. to the Net Asset Value per Share on 17 February 2016). The Company will satisfy the repurchase by transferring to the tendering Shareholders 2,021,077.867 Class A VVF Shares for every Listed Portfolio Share accepted in the Tender Offer. Shareholders' accounts (including those held through Euroclear and/or Clearstream) are expected to be credited on or around Thursday, 25 February 2016 in respect of Class A VVF Shares.
Following the repurchase, the repurchased Listed Portfolio Shares have been cancelled and, as a result, the Company now has a total of 107,281,741 Listed Portfolio Shares in issue.
Tendering Shareholders who have received Class A VVF Shares can redeem all or part of their shareholding by applying to redeem their Class A VVF Shares in accordance with the requirements set out in the Forum One Prospectus and VVF Data Sheet. Class A VVF Shares can be redeemed on each Valuation Day, or the following Valuation Day if such day is not a Valuation Day (the "Redemption Day"). A Valuation Day is each business day in Luxembourg and Vietnam with the exception of Good Friday, 24 December (Christmas Eve) and any other day on which the stock exchanges in Vietnam are closed. Redemption forms must be received by EdR Asset Management by 6:00 pm Luxembourg time three (3) business days before the relevant Redemption Day. It is expected that the first Redemption Day following the Tender Offer, after Shareholders' accounts are credited with Class A VVF Shares, will be 2 March 2016, and redemption forms will need to be received by EdR Asset Management by 6:00 pm Luxembourg time on 26 February 2016. A copy of the most recent Forum One Prospectus, VVF Data Sheet and VVF investor pack with the relevant redemption forms are available on the website of VinaWealth Fund Management JSC (the investment manager to VVF) at http://www.vinawealth.vn/en/vinacapital-fund/.
All Listed Portfolio Shares still in issue as at 17 August 2016 (being the "Final Date") will be compulsorily repurchased by the Company in consideration for Class A VVF Shares at the then current Net Asset Value per Share of the Listed Portfolio Shares. No discount will be applied on the Final Date.
Defined terms used in this announcement have the same meaning as ascribed to them in the tender offer circular to Shareholders dated 18 January 2016.
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
Louie Doan Tel: +84 8 3821 9930
Edmond de Rothschild Securities (UK) Limited, BrokerWilliam Marle Tel: +44 (0)20 7845 5950
funds@lcfr.co.uk
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