Vinaland ZDP Ltd Divestment of stake in Danang Golf Project (7472Y)
20 Maggio 2016 - 8:00AM
UK Regulatory
TIDMVNLZ
RNS Number : 7472Y
Vinaland ZDP Ltd
20 May 2016
20 May 2016
VinaLand ZDP Ltd
Divestment of stake in Danang Golf Project
VinaLand ZDP Ltd, admitted to the main market of the London
Stock Exchange, announces that today its parent company VinaLand
Limited ("VNL") made the following announcement:
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 is divesting its
stake in the Danang Golf Project. The project, acquired by VNL in
2006, is situated in Danang on 219.8ha of land and includes a
completed 18-hole golf course with related facilities as well as
residential dwellings, some of which are currently under
construction. The project site also has an approved master plan for
future development.
VNL will dispose of its entire stake to An Phu Import Export
Investment and Trading Company Limited at a total valuation 0.2%
below the 31 March 2016 unaudited net asset value and 6.7% below
the net asset value at the time of VNL's previous extraordinary
meeting (EGM) in November 2012, including adjustments for
additional investments over this period. This transaction will
result in net cash proceeds of USD37.4 million to VNL, and an IRR
of 8.9%. At the time of this announcement USD34.1 million of the
proceeds have been received, with the remaining proceeds expected
to be received by no later than June 2016.
Speaking on the transaction, Managing Director, David Blackhall
stated, "The month of May 2016 has marked two significant
transactions which have resulted in the disposal of the two largest
projects in our portfolio. The divestment of the Century 21 project
on 11 May 2016 followed by the Danang Golf Project on 20 May 2016
are consistent with the Company's strategy agreed at the EGM in
November 2015, where shareholders supported an extension of up to
12 months to continue with the strategy focused on the realisation
of assets as agreed at the November 2012 EGM. The Danang Golf
Project disposal was approved by the Board prior to 21 November
2015, and in accordance with the previously stated policy, the
proceeds received from this exit, in conjunction with the
collection of proceeds from past disposals as well as future
disposals will ensure the Company is on track to achieve its
objectives prior to 21 November 2016. The combined proceeds will be
used to cover VNL's commitments including operating costs,
provision for the ZDP facility, accrued performance fee and
distributions to shareholders both in June and later this year.
Further details on the proposed USD35 million Capital Distribution
will be announced in due course with expected timing to be early
June 2016. "
Based on this positive momentum with project disposals, the
Board believes it is now timely to commence dialogue with
shareholders and is planning meetings with shareholders to discuss
future strategic options including further distributions before
convening the next EGM. Meetings in Europe are planned for the week
commencing 6 June 2016 including; Copenhagen 7 June, Zurich 8 June,
London 9 June and Brussels and Utrecht 10 June, with meetings in
Asia following thereafter. A final schedule will be announced in
the coming days.
Enquiries:
Jeremy Greenberg
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
jeremy.greenberg@vinacapital.com
Joel Weiden
VinaCapital Investment Management Limited
Communications
+84 8 3821 9930
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
Daniel Jason
Peregrine Communications, Public Relations (London)
+44 (0) 20 3040 0872
daniel.jason@peregrinecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 20, 2016 02:00 ET (06:00 GMT)
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