VinaLand Limited Distribution of Capital and Divestment (2331R)
June 13 2018 - 2:07AM
UK Regulatory
TIDMVNL
RNS Number : 2331R
VinaLand Limited
13 June 2018
13 June 2018
VinaLand Limited (the "Company" or "VNL")
Distribution of Capital from Share Premium Account of the
Company and Divestment of stake in the Aqua City project
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 will make a
distribution of USD0.33 per ordinary share from the Company's Share
Premium Account.
The distribution of approximately USD53.9 million in total will
be returned equally to all shareholders, representing USD33 cents
per ordinary share.
Details of the distribution are as follows:
-- Ex-distribution date: Friday, 22 June 2018
-- Record date: Monday, 25 June 2018
-- Paid date: Thursday, 28 June 2018
Furthermore, the Company announces that it is divesting its
stake in the Aqua City project (the "Project"), located in Dong Nai
province, Vietnam. The Project consists of a total land area of
approximately 112ha and was acquired by VNL in 2008, with the land
designated for future residential development. VNL is divesting its
entire stake in the Project to Bach Kim Real Estate Company Limited
for net cash proceeds of USD45.2 million which includes the
repayment of shareholder loans, resulting in an IRR of -1.6% to the
Company. The total valuation is recorded at 20.5% above the 31 Mar
2018 unaudited net asset value, and 57.6% 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. At the time of this announcement, USD40.5
million or 89.6% of the net proceeds have been received by the
Company, and it is expected that all proceeds will be received by
the Company by the end of June 2018.
Speaking on the transaction, Managing Director David Blackhall
stated, "This divestment is in accordance with the current stated
policy to divest projects in a controlled and orderly manner, and
good progress has been made with the closure of several disposals
during 2018. The proceeds received from this disposal will, in
conjunction with those collected from recent disposals will be used
to cover VNL's commitments including operating costs, capital
contributions and further distributions to shareholders."
More information on the Company is available at
https://vnl.vinacapital.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
--
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END
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