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26 June 2017
VinaLand Limited (the "Company" or "VNL")
Result of Distribution of Capital to Shareholders via Tender Offer
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces today the results of its Distribution of Capital of USD40.0 million (the "Distribution") through a Tender Offer to buy-back ordinary shares of USD0.01 each ("Ordinary Shares") in the Company.
As set out in the Tender Offer Circular dated 17 May 2017 and Pricing Notice dated 25 May 2017, the Tender Offer was offered to all shareholders on the register on 26 May 2017 (Tender Offer Record Date) at a fixed price of USD0.79 per ordinary share. Shareholders were able to elect to accept or decline participation in the off-market share buyback ("Distribution of Capital") via the Tender Offer. The deadline for submitting completed and signed Tender Forms and to Standard Chartered Bank, Securities Service - Fund Services was 5:00 pm Singapore time on Friday, 23 June 2017.
Based on the valid Tender Forms that were received by Standard Chartered Bank, Securities Service - Fund Services by the deadline, 100.0% per cent of the Distribution of Capital allocated, totalling USD40.0 million, will be paid in the form of a cash payment. The tender offer was oversubscribed therefore surplus tenders were scaled back on a pro-rata basis, to approximately 38.7% so that the maximum amount of Ordinary Shares repurchased did not exceed the value of the Tender Offer.
Shareholders' accounts (including those held through Euroclear and/or Clearstream) will be credited on/around the Settlement Date, which is Friday, 30 June 2017.
The Distribution of Capital of USD40.0 million at a fixed price buy-back of USD0.79 per ordinary share will result in an accretive effect on the NAV per ordinary share of approximately USD0.0279 for those shares remaining after the buy-back and after the cancellation of shares is completed.
The buy-back will result in the purchase and cancellation of VNL shares and share capital. The buy-back proceeds will be sourced from the share capital and additional paid in capital of VNL and will result in a capital reduction of the Company. The buy-back proceeds have not been sourced from accumulated profits of VNL at 30 June 2016 or the retained earnings of VNL arising during the interim period ended 31 May 2017.
A total of 50,632,911 Ordinary Shares will be purchased and cancelled as a result of the Tender Offer. Following cancellation of these shares, total voting rights in the Company will be reduced to 257,987,620.
For more information, please visit http://www.vnl-fund.com.
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
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