18 Aug 2015 18:07
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18 August 2015
For Immediate Release
Vietnam Infrastructure Limited
Result of Tender Offer
Vietnam Infrastructure Limited ("VNI" or the "Company"), the closed-end investment company admitted to trading on AIM, today announces the result of its tender offer for the purchase of up to 50 per cent. of the Company's Listed Portfolio Shares in exchange for Class A VVF Shares (the "Tender Offer").
The Tender Offer closed on Monday, 17 August 2015 at 5:00 pm Singapore time with 55.98 per cent. of the Company's Listed Portfolio Shares being validly tendered, totalling 196,048,299 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 approximately 71.13 per cent. of the Excess Shares tendered.
The Company has repurchased the Listed Portfolio Shares at a price of US$0.2747 per Listed Portfolio Share (being a discount of 4 per cent. to the Net Asset Value per Share on 17 August 2015). The Company will satisfy the repurchase by transferring to the tendering Shareholders 4,932,837.172 Class A VVF Share for every Listed Portfolio Share accepted in the tender. Shareholders' accounts (including those held through Euroclear and/or Clearstream) are expected to be credited on or around Tuesday, 25 August 2015 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 175,110,547.000 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. Redemption forms must be received by EdR Asset Management by 6 pm Luxembourg time five (5) business days in Luxembourg before the relevant Redemption Day. It is expected that the first Redemption Day after Shareholders' accounts are credited with Class A VVF Shares will be 2 September 2015. However, as 2 September 2015 is a public holiday in Vietnam, the Redemption Day will be postponed until 3 September 2015 and redemption forms will need to be received by EdR Asset Management by 6 pm Luxembourg time on 26 August 2015. A copy of the Forum One prospectus, VVF data sheet and VVF investor pack containing the redemption procedure and redemption form are available on VinaWealth Fund Management JSC's website (the investment manager of VVF) (http://www.vinawealth.vn/en/vinacapital-fund/).
A further tender offer will be made on 17 February 2016 (being the Second Repurchase Day) to acquire up to a further 50 per cent. of the then outstanding Listed Portfolio Shares at a discount of 2 per cent. to the then current Net Asset Value per Share of the Listed Portfolio Shares as at the Second Repurchase Day. 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 circular to Shareholders dated 27 July 2015.
Enquiries
For further information, please contact:
Vietnam Infrastructure Limited Rupert Carington Tel: +44 (0)20 7845 5950
VinaCapital Group
Tony Hsun Tel: +84 8 3821 9930
Louie Doan Tel: +84 8 3821 9930
Edmond de Rothschild Securities (UK) Limited, Financial AdviserWilliam Marle Tel: +44 (0)20 7845 5950
John Armstrong-Denby Tel: +44 (0)20 7845 5950
Hiroshi Funaki Tel: +44 (0)20 7845 5960funds@lcfr.co.uk
Grant Thornton UK LLP, Nominated Adviser Philip Secrett Tel: +44 (0)20 7383 5100
philip.j.secrett@uk.gt.com