16 Nov 2016 07:00
16 November 2016
VinaLand Limited ("the Company" or "VNL")
Divestment of stake in Project Ceana
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 Project Ceana. The project, acquired by VNL in 2007, is a 7.3 hectare parcel of land located in Dien Ban District, Quang Nam Province and has approval for a future villa resort development.
VNL has disposed of its entire stake at a total valuation 12.9% above the 30 September 2016 unaudited net asset value and 42.5% below the net asset value at the time of VNL's previous extraordinary general meeting (EGM) in November 2012, including adjustments for additional investments over this period. This transaction has resulted in net proceeds of USD7.6 million to VNL which at the time of this announcement have been received in full.
Speaking on the transaction, Managing Director David Blackhall stated, "The disposal was approved by the Board prior to 21 November 2015 and in accordance with the previously stated policy, the proceeds received from this exit in conjunction with those collected from past and future disposals will be used to cover VNL's commitments including operating costs and distributions to shareholders."
Enquiries:
Jonathan Viet Luu
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
jonathan.luu@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