Share Buyback Programme
09 December 2010 - 6:03PM
UK Regulatory
TIDMVOC
RNS Number : 6519X
Vision Opportunity China Fund Ltd
09 December 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO
THE
UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN
9 December 2010
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Share Buyback Programme Pursuant to Distribution Policy
As at the date of this announcement, the minimum amount still to be distributed
under the Company's distribution policy in respect of the year ended 30
September 2010 is US$1.44 million. The Board announces its intention to use
that amount to buy back up to a maximum of 880,000 VOC ordinary shares
("Shares"), representing 1.3% of the Company's current issued share capital, as
and when they become available at volumes and prices the Board considers
appropriate (the "Buy-back Programme").
Buy-backs of Shares pursuant to the Buy-back Programme will be effected in
accordance with the Company's current general authority to buy back Shares,
which expires at the next annual general meeting of the Company which has been
convened for 26 January 2011, and within certain pre-set parameters, including
that the maximum price paid per Share will be no more than 105% of the average
middle market closing price of a Share for the five days preceding the date of
acquisition. Furthermore, no buy-back of Shares will be undertaken unless it
enhances the net asset value per Share for remaining shareholders.
Given the level of liquidity in the Shares, the Company may buy back in any one
day more than 50% of the average daily volume over the preceding 20 days.
Shares acquired pursuant to the Buy-back Programme will be cancelled and the
acquisition will be notified to a Regulatory Information Service immediately
following each acquisition.
The Company currently has no unpublished price sensitive information.
For further information, please contact:
Vision Opportunity China Fund Limited Tel: +1 (212) 849
8225
David Benway/Adam Benowitz
www.vocfund.com
Canaccord Genuity Limited Tel: +44 (0)20 7050
6500
Sue Inglis/Guy Blakeney
Financial Dynamics Tel: +44 (0)20
7269 7132
Ed Gascoigne-Pees/Ed Berry
NOTE TO EDITORS
Vision Opportunity China Fund Limited is a closed-ended listed fund traded on
AIM. VOC primarily invests directly in listed companies with operations
principally within Greater China. Greater China is a collective term for the
territories administered by the People's Republic of China, those administered
by the Republic of China and Singapore.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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