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VinaLand Limited   -  VNL   

Cancellation and Notice of Resignation of Adviser

Released 07:00 24-Jun-2019

RNS Number : 0298D
VinaLand Limited
24 June 2019
 

24 June 2019

VinaLand Limited

Cancellation Update and Notice of Resignation of Nominated Adviser

VinaLand Limited (the "Company" or "VNL") announces that further to the announcement on 23 July 2018 that (i) the Company had disposed of substantially all of its assets and pursuant to paragraph 5.6 to the AIM Note for Investing Companies had a period of 12 months to begin an orderly wind up of the fund and seek cancellation of the Company's shares from trading on AIM, and that (ii) if this was not fulfilled, the Company's shares will be suspended from trading on AIM in July 2019 (the "Suspension Requirement"), the Company's shares will be suspended from trading on AIM at 7:30 a.m. on 24 July 2019.

As a consequence of the Suspension Requirement and because there is no prospect of the Company being restored to trading, Grant Thornton UK LLP has, by mutual agreement with the Company, today served notice as nominated adviser effective 24 July 2019.  The Company does not intend to seek the services of a replacement nominated adviser. As a result, the Company's shares will be cancelled from trading on AIM at 7:00 a.m. on 26 August 2019.

The Company has distributed substantially all of its reserves, save for a retention of approximately USD1.0 million of which approximately USD0.45 million will be used to fund the final liquidation of the Company. The Investment Manager has commenced the winding up of the Company's remaining SPVs with the intention of having completed this process by August 2019. Following the wind up of the SPVs, the Board will assess the level of funds remaining and will make a decision on any final distribution to shareholders. Following the conclusion of this process, the Board proposes to convene an extraordinary general meeting of the Company to formally pass a resolution for the winding-up of the Company and the appointment of liquidators to complete the liquidation of the Company.

More information on the Company is available at https://vnl.vinacapital.com/For enquiries:

Michael Truong / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 28 3821 9930
michael.truong@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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Cancellation and Notice of Resignation of Adviser - RNS