VNLZ Vinaland

TIDMVNLZ

RNS Number : 0451A

Vinaland ZDP Ltd

03 June 2016

3 June 2016

VinaLand ZDP Ltd

Divestment of stake in Project Pham Hung

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 Project Pham Hung. The project, acquired by VNL in 2007, is a 2.4 hectare parcel of land located in Hanoi and has planning approval for a future mixed use development.

VNL will dispose of its entire stake at a total valuation 0.2% below the 31 March 2016 unaudited net asset value and 69.8% above the net asset value at the time of VNL's previous extraordinary general meeting (EGM) in November 2012, including adjustments for additional investments over this period. This transaction will result in net cash proceeds of USD16.2 million to VNL. At the time of this announcement USD13.6 million of the proceeds have been received, with the remaining proceeds expected to be received by no later than July 2016.

Speaking on the transaction, Managing Director David Blackhall stated, "This disposal has taken quite some time to reach the point whereby final closure is in sight and this exit is consistent with the ongoing realisation of projects to enable distributions to shareholders."

This 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 will ensure the Company is on track to achieve its objectives prior to 21 November 2016. The combined proceeds have been used to cover VNL's commitments including operating costs, accrued performance fee and distributions to shareholders.

The Board is planning shareholder meetings in Europe beginning in Copenhagen on 6 June, followed by London on 7 and 8 June, Zurich on 9 June, and concluding with Brussels and Utrecht on 10 June. Meetings in Asia will follow thereafter. Should you wish to participate in these shareholders meetings please contact either the Manager or Numis Securities.

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

MSCBGGDLLUGBGLD

(END) Dow Jones Newswires

June 03, 2016 02:00 ET (06:00 GMT)

Grafico Azioni Vinaland (LSE:VNLZ)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Vinaland (LSE:VNLZ)
Storico
Da Giu 2023 a Giu 2024