VinaLand Limited Divestment of stake in Project Romana Resort & Spa (2134P)
May 25 2018 - 7:00AM
UK Regulatory
TIDMVNL
RNS Number : 2134P
VinaLand Limited
25 May 2018
25 May 2018
VinaLand Limited (the "Company" or "VNL")
Divestment of stake in Project Romana Resort and Spa
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 has divested its
entire stake in Project Romana Resort and Spa (the "Project"),
located in Binh Thuan province, Vietnam. The Project, acquired by
VNL in 2008, is an operating hotel with 96 keys.
VNL has disposed of its entire stake in the Project at a total
valuation 12.5% above the 31 March 2018 unaudited net asset value
and 15.1% 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. This
transaction has resulted in net proceeds of USD4.8 million, which
at the time of this announcement have been received in full.
Speaking on the transaction, Managing Director David Blackhall
stated, "This disposal is in accordance with the current stated
policy to divest projects in a controlled and orderly manner. The
proceeds received from this exit in conjunction with those
collected from past and future disposals will be used to cover
VNL's commitments including operating costs and distributions to
shareholders."
For enquiries:
Jonathan Viet Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 28 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
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