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VinaLand Limited  -  VNL   

Divestment of Stake in Trinity Garden

Released 17:39 20-Dec-2017

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
 
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Divestment of Stake in Trinity Garden - RNS