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VinaLand Limited   -  VNL   

Divestment of Stake in Pavilion Square project

Released 07:26 11-May-2018

RNS Number : 7202N
VinaLand Limited
11 May 2018
 

11 May 2018

VinaLand Limited (the "Company" or "VNL")

Divestment of Stake in Pavilion Square project

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 Pavilion Square project ("the Project").

The Project, located in Ho Chi Minh City, Vietnam and acquired by VNL in 2007, is designated for a future mixed-use development. VNL has divested its entire stake in the Project to RC12 Investment Joint Stock Company at a valuation of 11.2% above the 31 March 2018 unaudited net asset value and 13.7% above the unaudited net asset value at the time of VNL's extraordinary meeting in November 2016, with both figures including adjustments for additional investments up to the date of exit. This transaction will result in net cash proceeds of USD36.9 million, excluding repayment of shareholder loans, and at an IRR of -3.0%. At the time of this announcement, the Company has received approximately 99.5% of net proceeds and the remainder is expected to be received no later than November 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."

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

 

 


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Divestment of Stake in Pavilion Square project - RNS