Vietnam Infrastructure Regulatory News (VNI)

27 Feb 2008 14:00

Vietnam Infrastructure Limited27 February 2008 Vietnam Infrastructure Limited Share Purchase Subsidiary Vietnam Infrastructure Limited (the "Company" or "VNI"), the AIM-quotedinvestment vehicle established to invest in Vietnam's rapidly growinginfrastructure sector and the first publicly traded fund to focus investment onkey strategic infrastructure and infrastructure-related assets in Vietnam, todayannounces that it will be establishing a wholly-owned Share Purchases Subsidiary("SPS") to be used to effect market purchases of the Company's ordinary shares. The laws of the Cayman Islands, where the Company is domiciled, currentlypreclude the direct holding by a Cayman Islands company of treasury shares (anyshares purchased must be immediately cancelled). The Company considers that atreasury share facility could provide useful benefits to the Company andshareholders. Under Cayman Islands law there is no restriction on a wholly-ownedsubsidiary holding shares in its own parent company and so the Company isintending to establish the SPS to allow the Company to effectively replicate atreasury share facility. The purchase of ordinary shares by the SPS will be at the discretion of theBoard. However the Board has delegated authority to the Company's InvestmentManager to authorise purchases and sales of Ordinary Shares by the SPS throughthe Company's brokers. In relation to any purchases of ordinary shares by the SPS the Board has adoptedthe following policies: - All purchases of ordinary shares by the SPS will be funded way of intra-grouploans from the Company to the SPS. - The price which may be paid for ordinary shares by the SPS will be not morethan the higher of (i) five per cent. above the volume weighted average price ofthe Ordinary Shares for the five business days before the purchase is made, or(ii) the higher of the price of the last independent trade and the highestcurrent independent bid at the time of purchase. - The maximum number of shares that can be purchased by the SPS in any 12 monthperiod is 20 per cent of the issued share capital of the Company from time totime. - Ordinary shares shall where possible be sold by the SPS at a premium to thelast announced net asset value per share. Only with approval of the Board willthe shares be sold at a discount to the prevailing net asset value. - any Ordinary Shares held in treasury at the time of raising new funds shall besold before any new shares are issued and sold to investors. - The maximum number of ordinary shares that can be sold by the SPS in any 12month period is 20 per cent of the issued share capital of the Company from timeto time. This limit can be exceeded but only with the express approval of theBoard. - The SPS shall be prohibited from purchasing or selling any ordinary sharesduring the Company's "close periods" (as set out under the AIM Rules forCompanies). - The SPS shall not exercise the voting rights attaching to any ordinary sharesheld by the SPS from time to time. - The SPS shall waive the right to receive any dividends or other distributionsin relation to any ordinary shares held by the SPS from time to time. - The Company will promptly and without delay announce to the market thepurchase or sale of any ordinary shares by the SPS. For more information please contact: Ms Chi Nguyen +84 8 821 9930VinaCapital Investment Management Limited chi.nguyen@vinacapital.comInvestor Relations Philip Secrett +44 20 7383 5100Grant Thornton Corporate Finance, Nominated Adviser philip.j.secrett@gtuk.com Hiroshi Funaki +44 20 7845 5960LCF Edmond de Rothschild Securities funds@lcfr.co.uk David Cranmer +44 20 7831 3113Financial Dynamics david.cranmer@fd.com Notes to Editors: The Vietnam Infrastructure Limited (VNI), a USD402 million closed end funddedicated to investment in Vietnam's rapidly growing infrastructure sector, wasadmitted to trading on the AIM market of the London Stock Exchange plc under thesymbol "VNI" on 5 July 2007. It is the first publicly traded fund to focusinvestment on key strategic infrastructure and infrastructure related assets inVietnam, including the energy, transport, water and telecommunications sectors. The fund is managed by VinaCapital Investment Management (VCIM) which comprisesa team of over 130 professionals whose areas of expertise cover a full range ofinvestment types. All investments are approved by a four member investmentcommittee. This information is provided by RNS The company news service from the London Stock Exchange