Vietnam Property Fund Repurchase of Shares (6398A)
March 22 2013 - 4:14AM
UK Regulatory
TIDMVPF
RNS Number : 6398A
Vietnam Property Fund
22 March 2013
STOCK EXCHANGE ANNOUNCEMENT
For Immediate Release 21 March 2013
VIETNAM PROPERTY FUND LIMITED
(the "Company")
Re: Repurchase of Shares
The Company wishes to announce that it envisages making use of
its authority to repurchase shares, as provided for under the
Company's Memorandum and Articles of Association (the "Repurchase
Scheme"). Under the Repurchase Scheme, the Company would be
entitled to repurchase up to a maximum of one share less than
fifteen per cent. of the ordinary shares issued and outstanding in
the Company.
As provided for in the Company's Articles of Association, the
Company may from time to time purchase its own shares including
fractions of shares, when the prevailing bid price per share
displayed on Reuters screen 'VIET', or on such other screen as the
Board may from time to time decide, is at a discount to the
prevailing Net Asset Value per share on such date, up to a maximum
of one share less than fifteen per cent. of the issued and
outstanding redeemable shares of the Company in any financial year
of the Company. The Company may make payment for any shares it
purchases in any manner authorised by the Companies Law (Revised)
of the Cayman Islands, including out of capital. Neither the
Company nor the Board shall be required to select the shares to be
purchased rateably, or in any other particular manner, as between
the holders of shares of the same class, or as between them and the
holders of shares of any other class, or in accordance with the
rights as to dividends or capital conferred by any class of shares.
The Board shall determine if and when to make any such purchase,
and shall be entitled to effect each and any such purchase in the
manner in which it sees fit. Upon any such repurchase, the shares
so repurchased shall, at the discretion of the Board, be (a)
treated as cancelled and classified as authorised but unissued; or
(b) be classified and held as treasury shares ("Treasury Shares").
The Directors may determine to cancel or transfer Treasury Shares
on any terms as they deem appropriate.
The Company has appointed Dragon Capital Markets Limited, an
affiliate of the investment manager of the Company, as its agent to
carry out the Repurchase Scheme on its behalf with full discretion,
subject to the Company's Articles of Association, as to if, who
from and when to make any purchases under the Repurchase Scheme
without further reference to the Company. Under this agency
agreement Dragon Capital Markets shall be entitled to accumulate
shares bought back under for the purpose of the Repurchase Scheme
before it would transfer those shares.
Enquiries:
Vietnam Property Fund Limited Rachel Hill
Phone: +44 207 149 9969
McCann FitzGerald Listing Services Limited Michelle Davey
Phone: + 353 1 611 9116
This announcement has been issued through the Companies
Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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