Admission to AIM
November 28 2007 - 3:00AM
UK Regulatory
RNS Number:6300I
Vision Opportunity China Fund Ltd
28 November 2007
28 November 2007
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA,
AUSTRALIA, REPUBLIC OF SOUTH AFRICA OR JAPAN
THIS ANNOUCEMENT IS NOT AN ADMISSION DOCUMENT AND IS NOT AN OFFER TO SELL, OR A
SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER
JURISDICTION
Vision Opportunity China Fund Limited (the "Company")
First day dealings on the AIM market of the London Stock Exchange
Placing raised $100 million
Vision Opportunity China Fund Limited announces that its Ordinary Shares will
begin trading on the AIM market of the London Stock Exchange at 8 a.m. today,
having raised $100 million by way of a placing of 100,000,000 Ordinary Shares of
no par value at $1 per Ordinary Share. The ordinary shares trade under the
symbol LSE: VOC.
Fairfax I.S. PLC is acting as Nominated Adviser and Broker to the Company and as
Financial Adviser and Broker in respect of the Placing.
Investment Strategy
The Company has been established to invest in companies whose operations are
principally in Greater China.
The Company's investment objective is to provide Shareholders with an attractive
return on their investment predominantly through capital appreciation. The
Company, through its group structure (the "Group"), will primarily invest by
negotiating direct investments in companies which are listed or soon to be
listed on a stock exchange. The Group will primarily target investment into
companies whose annual revenues are between $10 million and $100 million and
whose net annual income is, or is projected by the potential investee company
for the next financial year to reach between $1 million and $10 million. Such
investments will typically provide investee companies with funding options which
are not widely available in their local market.
The Group expects the net proceeds of the Placing to be fully invested within 12
months of Admission.
Management
Vision Capital Advisors ("VCA"), an SEC registered investment adviser with $500
million under management as at 1 September 2007, will act as the Company's
investment manager. VCA will be responsible for sourcing investment
opportunities for the Company and, within certain limits, will have
discretionary management of the Company's investment portfolio.
Commenting on the Company's admission to trading on AIM, Christopher Fish,
Chairman of the Company, said:
"The Directors and Vision Capital Advisors believe that Greater China is an
especially attractive market for investment by the Group. Not only does Greater
China have a large pool of potential targets with strong investment
fundamentals, but it also suffers from an under-developed local capital market
which makes the Group an attractive funding source for Investee Companies.
The response to the fundraising has been very positive and we are delighted to
be joining AIM today".
Details of the Placing
Placing Price per Ordinary Share $1
Number of Ordinary Shares being placed 100,000,000
Number of Ordinary Shares in issue immediately following the Placing 100,000,000
Market capitalisation of the Company at the Placing Price $100,000,000
Estimated Net Proceeds $94,200,000
Enquiries
Vision Opportunity China Fund Limited
David Benway, Director Tel: +1 (212) 849 8232
Praxis Fund Services Limited
Christopher Gambrell Tel: +44 (0) 1481 737600
Fairfax I.S. PLC
Paul Richards/ James King Tel: +44 (0) 20 7598 5368
Bankside Consultants Limited
Simon Rothschild/Oliver Winters Tel: +44 (0) 20 7367 8888
NOTE TO EDITORS
The Directors of the Company are:
Christopher Norman Fish, Chairman, age 62
Mr Fish retired as Managing Director of Close International Private Banking in
2004, a position he held since 1999, but remain as the Non-Executive Chairman of
Close Private Bank. He has over 30 years experience in banking, investment and
fiduciary businesses. Mr Fish was a senior Executive Director and Group Head of
Trusts for Rea Brothers (Guernsey) Limited ("Rea") from 1998 until it was
acquired by Close Brothers Plc in 1999. Prior to joining Rea he worked for 6
years at Coutts & Co. Mr Fish worked from 1989 to 1992 as Chief Executive of
Leopold Joseph Holdings (Guernsey) Limited and he worked from 1973 to 1989 in a
number of senior Positions for the Royal Bank of Canada.
Dr Randolph Baer Cohen, age 41
Dr Cohen is an Associate Professor of Business Administration at Harvard
Business School. His research specialities include the interface between the
actions of institutional investors and price levels in the stock market and the
identification of top investment managers. Dr Cohen worked for Godwins, Booke
and Dickenson as a Senior Actuarial Analyst from 1991 to 1993 and Hewitt
Associates as an Associate Pension Actuary from 1989 to 1991. From 1987 to 1989
he was President of Boston Auto Brokers. In 2005 he co-founded a funds-of-funds
named Stellation Asset Management where he remains as a principal. In 2002 he
co-founded Vision Capital Advisors. He received a BA in Mathematics from Harvard
University in 1987 and a PhD in Finance and Economics from the University of
Chicago in 1998.
David William Benway, age 40
Mr Benway is the Director of Business Development for Vision Capital Advisors.
He has more than 15 years' experience in managing complex, global financial
investment teams in various capacities. Before joining Vision Capital Advisors
in February 2007, Mr Benway was the Chief Operating Officer for Twin Securities,
Inc. where he led numerous strategic initiatives within the firm ranging from
risk control and managed account implementation to cost controls, road show
planning and marketing programs. From 2002 to 2005 he was Head of Institutional
Sales and Business Development at Rose Glen Capital Group. He joined Rose Glen
from Copperneff Group (a BNP Paribas Company) where he was Senior Vice President
of Risk Managed Funds (2000-2002), Vice President and Chief Operating Officer of
the Active Portfolio Strategies Group (1997-2000) and a trader in the Active
Portfolio Strategies Group. Mr Benway worked for Goldman, Sachs & Co. from 1992
to 1995 both as an Associate in the International Equities Operations Group
(1994-1995) and as an Analyst in the Contracts & Proprietary Rights Group
(1992-1994).
Ruiping Wang, age 45
Mr Wang is currently the Managing Director and Founder of TDR Capital
International Ltd, the Chairman of TDR (Tianjin) Fund Management Ltd and the
Co-founder of China VIT Media Holding Ltd. He is also currently an independent
director of Holley Pharmaceuticals Co. Ltd and a director of SYSCAN Technology
Holdings Limited. Mr Wang was an Executive Director of Softbank Investment
International (Strategic) Limited from October 2003 to December 2005 and before
that the General Manager of Softbank China Venture Investment Limited from
September 2001. In 2006 and the first half of 2007 he acted as Group Advisor to
Softbank. During his time at Softbank Mr Wang was a director of a number if
other companies in the group. From 2000 to 2001 he was the Vice President of the
Greater China Investment Banking Division of Deutsche Bank. From 1991 to 2001 he
was an Associate Director of Standard Chartered (Asia) and was in charge of
investment in mainland China. Before joining Standard Chartered (Asia) he was a
manager of CITIC Group (1986 to 1991). Mr Wang received an MA in Economics from
Nankai University, Tianjin in 1986.
Dr Christopher Keith Polk, age 39
Dr Polk is a Professor of Finance at the London School of Economics and
Political Science ("LSE"). He specialises in the behaviour of security prices
and investment strategies and researches a wide range of topics including stock
market efficiency, behavioural finance and corporate investment decisions. He
has advised several asset management companies on the effectiveness of their
investment strategies. Prior to joining the faculty at LSE, Dr Polk was an
Assistant Professor of Finance at Northwestern University's Kellogg School of
Management for 8 years. From 1990 TO 1993 he was a senior consultant for
Anderson Consulting before leaving to pursue a PhD. He received a BS in Physics
and Economics from Duke University in 1990 and a PhD in Finance from the
University of Chicago in 1998.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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