VinaLand Limited Result of Distribution via Tender Offer (1954J)
27 June 2017 - 12:25AM
UK Regulatory
TIDMVNL
RNS Number : 1954J
VinaLand Limited
26 June 2017
26 June 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 USD40.0 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 17 May 2017 and
Pricing Notice dated 25 May 2017, the Tender Offer was offered to
all shareholders on the register on 26 May 2017 (Tender Offer
Record Date) at a fixed price of USD0.79 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, 23 June
2017.
Based on the valid Tender Forms that were received by Standard
Chartered Bank, Securities Service - Fund Services by the deadline,
100.0% per cent of the Distribution of Capital allocated, totalling
USD40.0 million, will be paid in the form of a cash payment. The
tender offer was oversubscribed therefore surplus tenders were
scaled back on a pro-rata basis, to approximately 38.7% so that the
maximum amount of Ordinary Shares repurchased did not exceed the
value of the Tender Offer.
Shareholders' accounts (including those held through Euroclear
and/or Clearstream) will be credited on/around the Settlement Date,
which is Friday, 30 June 2017.
The Distribution of Capital of USD40.0 million at a fixed price
buy-back of USD0.79 per ordinary share will result in an accretive
effect on the NAV per ordinary share of approximately USD0.0279 for
those shares remaining after the buy-back and after the
cancellation of shares is completed.
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 2016 or the retained earnings of VNL arising during the
interim period ended 31 May 2017.
A total of 50,632,911 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 257,987,620.
For more information, please visit http://www.vnl-fund.com.
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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