25 May 2018 12:00
25 May 2018
VinaLand Limited (the "Company" or "VNL")
Divestment of stake in Project Romana Resort and Spa
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 entire stake in Project Romana Resort and Spa (the "Project"), located in Binh Thuan province, Vietnam. The Project, acquired by VNL in 2008, is an operating hotel with 96 keys.
VNL has disposed of its entire stake in the Project at a total valuation 12.5% above the 31 March 2018 unaudited net asset value and 15.1% above the unaudited net asset value at the time of VNL's extraordinary meeting in November 2016, both figures include adjustments for additional investments up to the date of exit. This transaction has resulted in net proceeds of USD4.8 million, which at the time of this announcement have been received in full.
Speaking on the transaction, Managing Director David Blackhall stated, "This disposal is in accordance with the current stated policy to divest projects in a controlled and orderly manner. 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."
For enquiries:
Jonathan Viet Luu / Joel Weiden VinaCapital Investment Management LimitedInvestor Relations / Communications+84 28 3821 9930jonathan.luu@vinacapital.com / 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