VinaLand Limited Divestment of Stake in Trinity Garden (9415Z)
December 20 2017 - 11:39AM
UK Regulatory
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
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