VinaCapital Vietnam Opportunity
Fund Limited (the "Company")
(a closed-ended investment company incorporated with limited
liability under the laws of Guernsey with registered number
61765)
Dividend
Policy
17 August 2017
Following consultations with the major shareholders of, and
advisers to, VinaCapital Vietnam Opportunity Fund Limited (“VOF” or
the “Company”), the Board of Directors has decided to amend VOF’s
dividend policy.
With immediate effect, the Board intends that the Company will
pay a dividend twice per year, normally declared in March and
October. Exceptionally, the Company is today making a separate
announcement in respect of its first dividend declaration.
The change in the dividend policy reflects various factors
related both to the development of the Vietnamese capital markets
and to VOF itself. These factors include:
- The flow of dividend income received by the Company from its
underlying investments is relatively stable and is expected to grow
over time.
- The Board’s intention to introduce a further measure to help
control the level of the share price discount to net asset value by
broadening the shareholder base to equity investors who will only
consider companies which provide regular dividend income.
It is the intention of the Board to declare semi-annual
dividends for the foreseeable future of an amount of at least 4.8
US cents per share, or the equivalent in UK pence. This amount is
approximately equal to 1 per cent of VOF’s unaudited net asset
value at 30 June 2017. As and when
circumstances permit, it is the Board’s intention to increase the
dividend.
Dividend payments will not necessarily be fully covered by
income and, as such, may represent a return of capital to
shareholders.
Dividends will be declared in US dollars, which is the Company’s
functional currency. Shareholders may opt to have dividends paid in
either US dollars or in Pounds sterling, which is the currency in
which the Company’s share price is quoted on the London Stock
Exchange. By default, shareholders with registered addresses in the
UK and Channel Islands will
receive dividends in sterling. Shareholders registered in other
jurisdictions will receive dividends in dollars. Shareholders may,
however, inform the registrars that they wish to receive their
dividends in either currency and the procedure for informing the
Company’s registrars is set out in today’s first dividend
announcement.
Shareholders should note that the change in dividend policy is
in addition to the Company’s share buyback programme, which has
been the primary mechanism for attempting to control the share
price discount to net asset value.
Enquiries
Jonathan Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations
+84 28 3821 9930
jonathan.luu@vinacapital.com / joel.weiden@vinacapital.com
Edward Gascoigne-Pees
Camarco (Public Relations, London)
+44 20 3757 4980
ed.gascoigne-pees@camarco.co.uk
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
Franczeska Hanford / Andy
Dovey
Northern Trust International Fund Administration Services
(Guernsey) Limited, Company Secretary
+44 1481 745001
fk26@ntrs.com
Stephen Westwood
+44 (0)7533 178381