VNL Vinaland Limited

TIDMVNL

RNS Number : 9415Z

VinaLand Limited

20 December 2017

20 December 2017

VinaLand Limited (the "Company" or "VNL")

Divestment of Stake in Trinity Garden

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 the Trinity Garden project ("the Project").

The Project, located in Ho Chi Minh City, Vietnam and acquired by VNL in 2007, is a 13.7-hectare parcel of land designated for a future development. VNL will divest its entire stake in the Project to Ms. Tran Thi Thu Ha at a valuation of 2.6% above the 30 September 2017 unaudited net asset value and at 3.5% 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 will result in net cash proceeds of USD23.1 million, and at an IRR of -1.8%. At the time of this announcement, the Company has received USD12.7 million from this transaction, with the remaining proceeds expected to be received by no later than February 2018.

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."

More information on the Company is available at www.vnl-fund.com.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCFEIFFSFWSEEE

(END) Dow Jones Newswires

December 20, 2017 12:39 ET (17:39 GMT)

Vinaland (LSE:VNL)
Historical Stock Chart
From Apr 2024 to May 2024

Vinaland (LSE:VNL)
Historical Stock Chart
From May 2023 to May 2024