VinaLand Limited Result of Distribution of Capital to Shareholders (0882T)
October 09 2017 - 12:18PM
UK Regulatory
TIDMVNL
RNS Number : 0882T
VinaLand Limited
09 October 2017
9 October 2017
VinaLand Limited (the "Company" or "VNL")
Result of Distribution of Capital to Shareholders via Tender
Offer
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment
vehicle established to target strategic segments within Vietnam's
emerging real estate market, announces today the results of its
Distribution of Capital of up to USD60.0 million (the
"Distribution") through a Tender Offer to buy-back ordinary shares
of USD0.01 each ("Ordinary Shares") in the Company.
As set out in the Tender Offer Circular dated 7 September 2017,
the Tender Offer was offered to all shareholders on the register on
15 September 2017 (Tender Offer Record Date) at a fixed price of
USD0.83 per ordinary share. Shareholders were able to elect to
accept or decline participation in the off-market share buyback
("Distribution of Capital") via the Tender Offer. The deadline for
submitting completed and signed Tender Forms and to Standard
Chartered Bank, Securities Service - Fund Services was 5:00 pm
Singapore time on Friday, 6 October 2017.
Based on the valid Tender Forms that were received by Standard
Chartered Bank, Securities Service - Fund Services by the deadline,
71.59% per cent of the Distribution of Capital allocated, totaling
USD42.95 million, will be paid in the form of a cash payment. The
tender offer was under subscribed therefore tender applications
were paid out in full to all shareholders who participated in the
tender.
Shareholders' accounts (including those held through Euroclear
and/or Clearstream) will be credited on/around the Settlement Date,
which is Friday, 13 October 2017.
The Distribution of Capital of USD42.95 million at a fixed price
buy-back of USD0.83 per ordinary share will result in an accretive
effect on the NAV per ordinary share of approximately USD0.032 for
those shares remaining after the buy-back and after the
cancellation of shares is completed. The accretive effect will be
reflected in the VNL NAV as at 31 December 2017 (Q4 2017).
The buy-back will result in the purchase and cancellation of VNL
shares and share capital. The buy-back proceeds will be sourced
from the share capital and additional paid in capital of VNL and
will result in a capital reduction of the Company. The buy-back
proceeds have not been sourced from accumulated profits of VNL at
30 June 2017 or the retained earnings of VNL arising during the
interim period ended 30 September 2017.
A total of 51,752,732 Ordinary Shares will be purchased and
cancelled as a result of the Tender Offer. Following cancellation
of these shares, total voting rights in the Company will be reduced
to 188,484,888.
For more information, please visit http://vnl-fund.com
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
END
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