15 Aug 2016 17:30
15 August 2016
VinaLand Limited ("the Company" or "VNL")
Divestment of stake in the Resort 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 Resort Project, which was acquired by VNL in 2006 and is situated on 28.5ha of land in Danang. VNL has disposed of its entire stake at a total valuation 1.0% below the 30 June 2016 unaudited net asset value and 66.8% 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 cash proceeds of USD7.0 million to VNL which at the time of this announcement have been received in full.
Speaking on the transaction, VNL Managing Director David Blackhall stated, "Proceeds received from this exit in conjunction with those collected from past and future disposals will support the Company in reaching its objectives by November 2016. The combined proceeds will be used to cover VNL's commitments including operating costs and distributions to shareholders between now and November 2016."
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