NAV and CBEH Update (8698F)
04 May 2011 - 5:31PM
UK Regulatory
TIDMVOC
RNS Number : 8698F
Vision Opportunity China Fund Ltd
04 May 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR
JAPAN
4 May 2011
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Net Asset Value at 30 April 2011 and Update on Investment in
CBEH
Vision Opportunity China Fund Limited (AIM: VOC.L) today reports
that its unaudited Net Asset Value ("NAV") as at 30 April 2011 was
US$65.04 million (21 April 2011: US$65.66 million).
As at 30 April 2011, VOC had 65,289,574 ordinary shares of no
par value in issue (the "Ordinary Shares"), which resulted in an
unaudited NAV per Ordinary Share of US$0.996 as at that date (21
April 2011: US$1.006).
Update Based on CBEH's SEC Filings
On 20 April 2011, NASDAQ halted trading in the shares of China
Integrated Energy. Inc. (CBEH). On 27 April 2011, Mr. Larry
Goldman, one of CBEH's independent board members and the chairman
of its audit committee, resigned. Mr. Goldman's resignation letter
explained that the resignations of the special advisers appointed
by CBEH's audit committee to undertake an independent investigation
of allegations against CBEH (Pillsbury, Winthrop, Shaw &
Pittman LLP; King & Wood LLP and Deloitte Financial Advisory
Services LLP) had led to his decision. In their letter of
resignation dated 21 April 2011, the special advisers stated that
the obstruction of their investigation by CBEH's management had
resulted in no possibility that the investigation could be
conducted with independence and integrity, and result in a fair and
comprehensive report. On 2 May 2011, KPMG terminated its
client-auditor relationship with CBEH and advised that CBEH's
financial statements and audit reports covering the financial year
ending 31 December 2010, should no longer be relied upon. KPMG's
resignation was due to CBEH management's unwillingness to cooperate
fully with the special advisors' investigation.
As previously reported, VOC had disposed of most of its CBEH
holding in recent weeks. Its current holding in CBEH comprises
475,859 common shares. In view of the events referred to above, VOC
has decided to write down the value on its remaining holding in
CBEH to zero as of 30 April 2011. VOC will consider re-valuing its
remaining holding in light of future developments.
For further information, please contact:
Vision Opportunity China Fund Tel: +1 (212) 849 8225
Limited
David Benway / Adam Benowitz
Canaccord Genuity Limited Tel: +44 (0)20 7050 6500
Guy Blakeney / Sue Inglis
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 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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