22 May 2009 11:02
22 May 2009
VinaLand Limited
Notice of EGM
VinaLand Limited ("VNL" or the "Company"), the closed-end investment company admitted to trading on AIM, today announces that an extraordinary general meeting ("EGM") will be held at 10.00 am (Hong Kong time) on Wednesday 17 June 2009 at the offices of the Pacific Alliance Group at 3rd Floor, St. John's Building, 33 Garden Road, Central, Hong Kong. The Company has today sent a circular to shareholders (the "Circular") detailing the resolutions that will be put to shareholders for their approval at the EGM.
As the Company was incorporated in 2006, the board of directors (the "Board") has undertaken a review of the structure of the Company and its constitutional documents. The conclusion of this review is that various amendments are recommended to the Company's memorandum and articles of association ("Articles") to address certain regulatory and legislative changes that have occurred since the Company's inception and to create a greater degree of consistency among the constitutional documents for the three funds managed by VinaCapital Investment Management Ltd (the "Investment Manager").
The main resolutions that will be proposed at the EGM are as follows:
1. Amending the Company's borrowing policy to allow the Company to take on recourse debt at the Company level within certain set parameters. The Board believes this change to the Company's policy on recourse borrowing will provide the Company with greater flexibility when structuring investments.
2. Changing the Company's name to VinaCapital Vietnam Land Limited to create greater consistency with the VinaCapital brand.
3. Amending the Articles to include, among other things, the establishment of a permanent share buy-back mechanism. The Board has no current intention to initiate a share buy-back programme. However, the Board believes that having the flexibility to adapt rapidly to changing market conditions is desirable, which may include initiating share buy-backs in the future.
The Board, whose beneficial or controlled holdings collectively total 5,257,250 ordinary shares, will be voting in favour of all resolutions at the EGM. The Board considers the proposals outlined in the Circular to be in the best interests of the Company and recommends that shareholders vote in favour of the resolutions at the EGM.
The Circular sets out the background to and reasons for the proposals and explains what shareholders should do next. A copy of the Circular together with a copy of the Company's amended Articles will also shortly be available on the Company's website (www.vinaland-fund.com).
Enquiries:
| Ms Chi Nguyen VinaCapital Investment Management Limited Investor Relations | +84 8 821 9930chi.nguyen@vinacapital.com |
| Philip SecrettGrant Thornton UK LLP Nominated Adviser | +44 20 7383 5100 philip.j.secrett@gtuk.com |
| Hiroshi FunakiLCF Edmond de Rothschild Securities Broker | +44 20 7845 5960funds@lcfr.co.uk |
| David Cranmer Financial Dynamics Public Relations | +44 20 7831 3113 david.cranmer@fd.com |