27 Jul 2015 08:17
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
27 July 2015
For Immediate Release
Vietnam Infrastructure Limited
("VNI" or the "Company")
Tender Offer
The Company is pleased to announce that 350,221,094 Listed Portfolio Shares were admitted to trading on AIM today (AIM: VNIL).
As described in the Company's admission document dated 22 July 2015 ("Admission Document"), the Company has also published a circular to be sent to Shareholders today in relation to the first tender offer (the "Tender Offer") for the repurchase by VNI of up to 50 per cent. of the Company's Listed Portfolio Shares in issue as at the First Repurchase Day, which shall be 17 August 2015 (the "Repurchase Cap").
The Company shall repurchase the Listed Portfolio Shares at a discount of 4 per cent. to the current Net Asset Value per Listed Portfolio Share as at the First Repurchase Day. The aggregate US dollar amount due to a tendering holder of Listed Portfolio Shares on the First Repurchase Day will be satisfied by the transfer by the Company of such number of Class A VVF Shares (at the current VVF net asset value on the First Repurchase Day) as most closely equals the amount owed to the relevant holder of Listed Portfolio Shares (rounded down to 3 decimal places). If all holders of Listed Portfolio Shares elect to participate in the Tender Offer, the Company will be limited to repurchasing only 50 per cent. of each holder's Listed Portfolio Shares (the "Individual Limit") pursuant to the Tender Offer. However, to the extent that not all holders of Listed Portfolio Shares elect to participate in the Tender Offer, then the Company will be able to acquire from those tendering shareholders additional Listed Portfolio Shares above their Individual Limit. Such surplus tenders will be accepted on a pro rata basis as calculated by the Company provided that the maximum amount of Listed Portfolio Shares repurchased as at the First Repurchase Day does not exceed the Repurchase Cap.
All Listed Portfolio Shares repurchased by the Company in the Tender Offer will be cancelled.
The timetable for the Tender Offer is as follows:
| 2015 |
Tender Offer Record Date | 6.00 p.m. (UK time) on Thursday 13 August |
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 Thursday 13 August |
Latest time and date for receipt of Tender Forms and Transfer Forms | 5.00 p.m. (Singapore time) on Monday 17 August |
Results of the Tender Offer | Wednesday 19 August |
Settlement Date for the Tender Offer | Tuesday 25 August |
It is expected that holders of Listed Portfolio Shares who submit valid tender forms and transfer forms in respect of the Tender Offer and who have provided all required anti-money laundering and know your customer compliance documents will receive confirmation in writing from EdR Asset Management that their Class A VVF Shares are registered in their name by the Settlement Date but no certificates representing the Class A VVF Shares will be issued.
The circular that will be sent to Shareholders today will contain the formal terms of the Tender Offer, together with details on how holders of Listed Portfolio Shares can tender their Listed Portfolio Shares for repurchase by the Company, if they wish to do so. A copy of the circular will also be available on the Company's website http://vni-fund.com.
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.
Whether holders retain all of their Listed Portfolio Shares or tender all or part of their Listed Portfolio Shares for VVF Shares 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 Admission Document.
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
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.