VinaLand Limited Notice of Tender Offer and Divestment (4583F)
May 17 2017 - 12:42PM
UK Regulatory
TIDMVNL
RNS Number : 4583F
VinaLand Limited
17 May 2017
17 May 2017
VinaLand Limited (the "Company" or "VNL")
Notice of Tender Offer to Shareholders and Divestment of the
stake in the Times Square 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 will conduct a
distribution of USD40 million to shareholders through a tender
offer to purchase ordinary shares of US$0.01 each ("Ordinary
Shares") in the Company (the "Tender Offer"). The Tender Offer is
offered to all shareholders on the register on 26 May 2017 (the
"Tender Offer Record Date") at a fixed price which will be set at a
15% discount to the NAV per share on 25 May 2017 (the "Pricing
Date"). Shareholders can elect to accept or decline participation
in the Tender Offer. To the extent that not all shareholders elect
to participate in the Tender Offer then the Company will be able to
acquire from those tendering shareholders additional Ordinary
Shares above their individual allocations. Such surplus tenders
will be accepted on a pro rata basis as calculated by the Company
provided that the maximum value of Ordinary Shares repurchased does
not exceed $40 million. The timetable for the Tender Offer is as
follows:
2017
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Pricing Date Thursday 25 May
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Tender Offer Record Date 6.00 p.m. (UK time)
on Friday 26 May
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Latest time and date for 5.00 p.m. (Singapore
receipt of Election Forms time) on Friday
23 June
--------------------------- ---------------------
Results of the Tender Monday 26 June
Offer announced
--------------------------- ---------------------
Settlement Date for the Friday 30 June
Tender Offer
--------------------------- ---------------------
Further information on the Tender is available in the Tender
Circular and Tender Form which have been sent to shareholders and
which are available on the Company's website at
http://vnl-fund.com.
The share buyback will be placed on hold from the date of this
announcement until the completion of the tender offer process.
Furthermore, the Company is divesting its entire stake in the
Times Square project, located in Hanoi, Vietnam (the "Project").
The Project consists of a total land area of approximately 4.0ha
and was acquired by VNL in 2007, at which time the land was
designated as a future development site. VNL is divesting its
entire stake in the Project to Elite Capital Resources Limited for
net cash proceeds of approximately USD41.0 million, resulting in an
IRR of 5.3% to the Company. The total valuation is 20.4% above the
31 March 2016 un-audited net asset value and 48.1% 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. At the time of this
announcement, USD17.0 million or 41.5% of the net proceeds have
been received by the Company with the remaining proceeds subject to
completion of conditions precedent expected to be completed by no
later than July 2017.
Speaking on the transaction, Managing Director David Blackhall
stated, "This tender offer follows the announcement today of the
Times Square disposal which in conjunction with several other exits
will enable shareholder distributions to continue in various forms,
including share buybacks and tenders, and is a good outcome for
shareholders as we continue to maximize shareholder value."
More information on the Company is available at
www.vnl-fund.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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