24 Jun 2019 07:00
24 June 2019
VinaLand Limited
Cancellation Update and Notice of Resignation of Nominated Adviser
VinaLand Limited (the "Company" or "VNL") announces that further to the announcement on 23 July 2018 that (i) the Company had disposed of substantially all of its assets and pursuant to paragraph 5.6 to the AIM Note for Investing Companies had a period of 12 months to begin an orderly wind up of the fund and seek cancellation of the Company's shares from trading on AIM, and that (ii) if this was not fulfilled, the Company's shares will be suspended from trading on AIM in July 2019 (the "Suspension Requirement"), the Company's shares will be suspended from trading on AIM at 7:30 a.m. on 24 July 2019.
As a consequence of the Suspension Requirement and because there is no prospect of the Company being restored to trading, Grant Thornton UK LLP has, by mutual agreement with the Company, today served notice as nominated adviser effective 24 July 2019. The Company does not intend to seek the services of a replacement nominated adviser. As a result, the Company's shares will be cancelled from trading on AIM at 7:00 a.m. on 26 August 2019.
The Company has distributed substantially all of its reserves, save for a retention of approximately USD1.0 million of which approximately USD0.45 million will be used to fund the final liquidation of the Company. The Investment Manager has commenced the winding up of the Company's remaining SPVs with the intention of having completed this process by August 2019. Following the wind up of the SPVs, the Board will assess the level of funds remaining and will make a decision on any final distribution to shareholders. Following the conclusion of this process, the Board proposes to convene an extraordinary general meeting of the Company to formally pass a resolution for the winding-up of the Company and the appointment of liquidators to complete the liquidation of the Company.
More information on the Company is available at https://vnl.vinacapital.com/For enquiries:
Michael Truong / Joel WeidenVinaCapital Investment Management LimitedInvestor Relations / Communications+84 28 3821 9930michael.truong@vinacapital.com / joel.weiden@vinacapital.com
Philip SecrettGrant Thornton UK LLP, Nominated Adviser+44 (0)20 7383 5100philip.j.secrett@uk.gt.com
David Benda / Hugh JonathanNumis Securities Limited, Broker+44 (0)20 7260 1000funds@numis.com