25 May 2016 11:00
25 May 2016
VinaLand Limited ("the Company" or "VNL")
Divestment of stake in HBT Court Project
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces that it has divested its stake in the HBT Court project. This project is an existing operating serviced apartment building located in Ho Chi Minh City and was acquired by VNL in 2007.
VNL's disposal of its entire stake in the HBT Court project will result in net proceeds of USD0.534 million to VNL at a total valuation 11.0% below the 31 March 2016 unaudited net asset value and 52.1% below the net asset value at the time of VNL's previous extraordinary meeting (EGM) in November 2012, including adjustments for additional investments and dividends from the project over this period. At the time of this announcement all proceeds have been received.
This transaction is consistent with the Company's strategy agreed at the EGM in November 2015, where shareholders supported an extension of up to 12 months to continue with the realisation of assets as agreed at the November 2012 EGM. The proceeds of this transaction will be used to cover VNL's capital commitments and operating costs.
Enquiries:
Jeremy Greenberg
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
jeremy.greenberg@vinacapital.com
Joel Weiden
VinaCapital Investment Management Limited
Communications
+84 8 3821 9930
joel.weiden@vinacapital.com
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
Daniel Jason
Peregrine Communications, Public Relations (London)
+44 (0) 20 3040 0872
daniel.jason@peregrinecommunications.com