9 Apr 2015 18:00
RNS Reach
9 April 2015
VinaLand Limited
Divestment of stake in the Vung Bau Phu Quoc Project
Ho Chi Minh City - VinaLand Limited ("the Company" or "VNL"), 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 Vung Bau project located in Phu Quoc, in the southern Province of Kien Giang, Vietnam.
The project site was acquired by VNL in 2008, however, due to market conditions the Company did not proceed with the originally intended development. The divestment of this parcel of land is consistent with the Company's strategy to divest a number of projects by the end of the current term. As a result of the transaction, VNL sold its entire 55.0% stake in the project, at a valuation 2.9% above the unaudited 31 December 2014 net asset value of the investment and 1.6% above the net asset value at the time of VNL's extraordinary meeting (EGM) in November 2012. This transaction has resulted in net proceeds of USD4.7 million for the Company, with all proceeds collected.
Speaking on the transaction, Managing Director, David Blackhall stated, "The finalization of this transaction is consistent with the Company's investment policy agreed at the EGM in November 2012 where shareholders supported a new three-year term which included a revised strategy focused on the realization of assets. This disposal is the tenth full exit since VNL's EGM on 21 November 2012. The Company will deploy net proceeds to cover capital commitments and operating costs, with the remaining funds to be deployed towards the share buyback programme."
Enquiries:
David DropseyVinaCapital Investment Management LimitedInvestor Relations/Communications+84 8 3821 9930david.dropsey@vinacapital.com
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7583 5100
philip.j.secrett@uk.gt.com
Hiroshi Funaki / Andrew DaviesEdmond de Rothschild Securities, Broker+44 20 7845 5960funds@lcfr.co.uk
David Benda / Hugh JonathanNumis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
Andrew WaltonFTI Consulting, Public Relations (London)+44 (0)20 7269 7204andrew.walton@fticonsulting.com