BVF Beta Vietnam Fd

RNS Number:3246G
Beta Vietnam Fund Ld
3 July 2001

                             COMPANY ANNOUNCEMENT


                     For Immediate Release     3 July2001


                          BETA VIET NAM FUND LIMITED


             Re: Amendment to the investment management agreement


The Directors of Beta Viet Nam Fund Limited (the "Company" or "BVNF") wish to
announce that with effect from 29 June 2001, the Directors have amended the
investment management agreement of Indochina Asset Management Limited
("ICAM"), the investment manager of the Company, in order to ensure that ICAM
is adequately remunerated and properly incentivised in the provision of its
services to the Company. This is as a direct result of the recent and future
returns of capital to shareholders. These returns had already led, and would
continue to lead, to a significant reduction of the management fee paid to
ICAM.


ICAM will be paid a basic flat fee of US$570,000 per annum, together with an
incentive arrangement. Under the incentive arrangement ICAM will receive 15%
of the net proceeds of the sale of certain assets received in cash over and
above its published NAV as at 31st March 2001. The incentive to be paid will
be capped at US$200,000 per annum for the two years ended 31 March 2003 plus a
further amount of up to $100,000 in relation to the sale of one specific
asset. The new fee basis will be backdated to have come into effect from 31st
May 2001. There are no other material changes to the existing management
contract.


The basic flat fee and the incentive arrangement together replace the existing
formula which provides an annual fee equal to 2.25%, plus payment for any
corporate finance work performed over and above ICAM's duties as the
investment manager.


 
        Enquiries:

        NCB Stockbrokers Limited      Mr Andrew Bowen

        Tel: +353 1 611 5907


        Beta Viet Nam Fund Limited           Mr Richard Povey

        Tel: +44 1481 715 490


        Williams de Broe Plc      Mr Alastair Stratton

        Tel: +44 20 7588 7511

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