VOC Vision OP China

 

TIDMVOC 
 
RNS Number : 7467K 
Vision Opportunity China Fund Ltd 
26 April 2010 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED 
STATES, 
                                                     CANADA, AUSTRALIA, SOUTH 
AFRICA OR JAPAN 
 
 
     26 April 2010 
                                                                   Vision 
Opportunity China Fund Limited 
 
                              (the "Company" or "VOC") 
 
 
   New Investment 
 
Vision Opportunity China Fund Limited (AIM: VOC.L), today announces that it has 
invested $2.0 million in Silver Pearl Enterprises ("Silver Pearl") (OTCBB: SVPE) 
as part of a $23.15 million financing by private placement.  Simultaneously with 
VOC's investment, Silver Pearl acquired all of the issued and outstanding 
ordinary shares of Keyuan International Group Limited ("Keyuan International") 
through a reverse merger. 
Keyuan International conducts its business through its wholly-owned subsidiary 
Keyuan Plastics Co., Ltd. ("Keyuan Plastics"), which is an independent, 
China-based manufacturer of a wide range of petrochemical products, including 
BTX aromatics, Styrene and Propylene. 
Keyuan Plastics owns and operates an annual 550,000 metric tonne capacity 
petrochemical facility in Ningbo, Zhejiang province, which commenced production 
in October 2009.  The net proceeds of the private placement are intended to be 
used to finance the expansion of that facility to include a raw material 
pre-treatment facility, additional storage capacity and an asphalt production 
facility.  Using a proprietary technology, Keyuan Plastics is able to use heavy 
oil as opposed to the more expensive naphtha as the raw material to satisfy its 
domestic customers' rising demand for petrochemical products. 
 
Keyuan Plastics expects to generate, for the fiscal year ending 31 December 
2010, revenue of $461.3 million and net income of $36.3 million, excluding 
public company expenses.  As a component of the private placement, Keyuan 
Plastics' management entered into a make good provision which includes a 
performance threshold of $33 million in net income for the current fiscal year, 
as determined in accordance with GAAP, as adjusted for certain non-cash charges. 
In return for its investment, VOC received the following: 
 
a) Shares of Series A preferred stock convertible into 514,278 of Silver Pearl's 
common stock; 
 
b) 57,142  shares of Silver Pearl's common stock; 
c) 3 year Series A Warrants to purchase up to 57,142 shares of Silver Pearl's 
common stock at an exercise price 
   of $4.50 per share; and 
d) 3 year Series B Warrants to purchase up to 57,142 shares of Silver Pearl's 
common stock at an exercise price of $5.25 per share 
This transaction will be described in more detail in an 8-K and other supporting 
documents to be filed shortly by Silver Pearl with the Securities and Exchange 
Commission. 
For further information, please contact: 
·      Vision Opportunity China Fund Limited 
                       Tel: +1 (212) 849 8225 
       David Benway  / Adam Benowitz 
                         www.vocfund.com 
·      Canaccord Adams 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 
Vision Opportunity China Fund Limited ("VOC") 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. 
 
·      Keyuan International Group Limited 
 
Keyuan Plastics, Keyuan International's wholly-owned subsidiary located in 
Ningbo, China, is a leading independent manufacturer and supplier of various 
petrochemical products in China.  Keyuan Plastics owns and operates a 
petrochemical manufacturing facility with annual capacity of 550,000 metric 
tonnes of a variety of petrochemical products, as well as facilities for the 
storage and loading of raw materials and finished goods.  Keyuan Plastics has a 
manufacturing technology that can support the manufacturing process with low raw 
material costs and high utilisation and yields.  The management team of Keyuan 
Plastics consists of petrochemical experts with proven track records from some 
of China's largest state-owned enterprises in the petrochemical industry. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCKKPDKDBKBFQB 
 

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