VinaLand Limited Notice of Tender Offer and Divestment (0458Q)
September 07 2017 - 2:01AM
UK Regulatory
TIDMVNL
RNS Number : 0458Q
VinaLand Limited
07 September 2017
7 September 2017
VinaLand Limited (the "Company" or "VNL")
Notice of Tender Offer to Shareholders and Divestment of stake
in the Vina 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 up to USD60 million to shareholders through a
tender offer to purchase Ordinary Shares of USD0.01 each in the
Company (the "Tender Offer"). The Tender Offer is offered to all
shareholders on the register at 6:00 pm UK time on 15 September
2017 (the "Tender Offer Record Date") at a fixed price of USD0.83
per Ordinary Share (the Tender Price). Shareholders can either
elect to accept or decline participation in the Tender Offer.
Consequently, the Company intends to repurchase, in aggregate, such
number of Ordinary Shares at the Tender Price as is equal to USD60
million (the Tender Value Cap). Accordingly, if Shareholders in
aggregate tender Ordinary Shares more than the Tender Value Cap,
elections will be scaled back to the Tender Value Cap. To the
extent that not all shareholders elect to participate in the Tender
Offer, the Company will be able to acquire from Tendering
Shareholders additional Ordinary Shares up to the Tender Value
Cap.
All Ordinary Shares repurchased by the Company pursuant to the
Tender Offer will be cancelled.
The timetable for the Tender Offer is as follows:
Tender Offer Record Date 6.00 p.m. (UK time) on Friday 15 September 2017
Latest time and date for receipt of Election Forms 5.00 p.m. (Singapore time) on Friday 6 October 2017
Results of the Tender Offer announced Tuesday 10 October 2017
Settlement Date for the Tender Offer Friday 13 October 2017
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 ongoing share buyback was placed on hold prior to the date
of this announcement and shall remain on hold until the results of
the tender offer are announced.
Furthermore, the Company announces that it is divesting its
stake in the Vina Square project (the "Project"), located in Ho Chi
Minh City, Vietnam. The Project consists of a total land area of
approximately 3.0ha 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 Tri Duc Real Estate
Company Limited, a Vietnamese development company for net cash
proceeds of approximately USD41.2 million which includes the
repayment of shareholder loans, resulting in an IRR of 3.3% to the
Company. The total valuation is recorded at 0.3% above the 30 June
2017 unaudited net asset value and 13.5% 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, USD41.0
million or 99.5% of the net proceeds have been received by the
Company. It is expected that all proceeds will be received by the
Company by the end of this month.
Speaking on the transaction, Managing Director David Blackhall
stated, "This Tender Offer follows the announcement today of the
Vina Square disposal, for which all proceeds will be received in
September enabling further distributions to shareholders during
October 2017. This divestment is in accordance with the current
stated policy to divest projects in a controlled and orderly
manner, and steady progress has been made with further pipeline
disposals. The proceeds received from this disposal will, in
conjunction with collections from earlier disposals including
prepayment advances for future pipeline disposals will be used to
cover VNL's commitments including operating costs, capital
contributions and further distributions to shareholders."
For enquiries:
Jonathan Viet Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 8 3821 9930
jonathan.luu@vinacapital.com / 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
This information is provided by RNS
The company news service from the London Stock Exchange
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