12 Oct 2016 09:46
12 October 2016
VinaLand Limited VinaLand Limited update
VinaLand Limited (VNL) has published a copy of a VNL update dated 12 October 2016. Electronic copies of the presentation can be downloaded from the Company's website at http://vnl-fund.com/information-briefs/.The purpose of the update is two-fold in that it provides shareholders with up to date information on progress of the Company, and also sets out the proposed new strategy for VNL that will be recommended by the Board at the EGM in November 2016. The formulation of the proposed strategy follows consultation with shareholders since June 2016.
In summary, the proposed new strategy involves the orderly sell down of projects in conjunction with ongoing development of selected projects currently under development to maximise the return of value to shareholders. All projects will be realised over a period of approximately three years and the proceeds collected will be returned to shareholders. As proceeds become available for distribution they will be returned to shareholders via a range of methods predominantly including share buybacks, tenders and mandatory redemptions of shares. No new investments will be made during the period and the development of projects will be limited to those currently being developed; where the continued development is expected to enhance returns to shareholders when the investments are eventually sold. These projects include: Dai Phuoc Lotus, My Gia and Trinity Park. A new aligned Investment Manager fee structure has also been proposed.
Further details on the new strategy are available in the VNL Update dated 12 October 2016, and then further additional information relating to the EGM and AGM will be circulated in advance of the meetings set down to take place in Zurich, Switzerland in November 2016.
Additionally, the Investment Manager, VinaCapital will hold its annual investor conference in Ho Chi Minh City on 12 - 14 October 2016 where the VNL Update will be presented.
More information on the Company is available at www.vnl-fund.com.
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
Daniel Jason
Peregrine Communications, Public Relations (London)
+44 (0) 20 3040 0872
daniel.jason@peregrinecommunications.com