16 September 2011
Update on Capital Distribution and Board Composition
The Board of VinaLand Limited ('VNL' or 'the Company'), following its annual strategy review meeting, announces today several initiatives and decisions made by the Board that aim to enhance returns to shareholders, the exchange of information and the governance of the Company.
The Company announced in October 2010 that it would distribute to the shareholders of the Company a portion of cash received net of tax and other expenses from divestments. Following the receipt of cash from the divestment of its stake in a commercial development in District 1, Ho Chi Minh City, VNL is now able to initiate a capital distribution programme with future distributions linked to the receipt of divestment proceeds. As the fund is currently in a closed period, the distribution programme will begin shortly after the release of the Company's 30 June 2011 final results, expected in October 2011.
The Board has recognised the need to increase the information provided on the market environment and performance of the Company. Subsequently, the Manager will issue enhanced project reports on a quarterly basis, and the Manager will hold semi-annual investor briefings as part of its regular and ongoing investor dialogue. The Board will also hold at least one meeting per year in Europe and will maintain regular contact with investors. In addition, VNL's website has been improved to provide more detailed information.
The Board is committed to ensuring the Company maintains a high standard of corporate governance that reflects international best practice and is proposing to restructure the composition of the Board, including identification of potential new directors. A further announcement will be made shortly.
Mr Nicholas Brooke, Chairman of the Company, said: "The Board will participate in many of the meetings scheduled as part of the upcoming roadshow set for 31 October to 9 November 2011. We look forward to this important opportunity to discuss with shareholders these measures and the performance and prospects of the fund."
The Board of Directors of VinaLand Limited can be reached at email@example.com.
Michael L. Gray
VinaCapital Investment Management Limited
+84 8 821 9930
Grant Thornton Corporate Finance, Nominated Adviser
+44 20 7383 5100
LCF Edmond de Rothschild Securities, Broker
+44 20 7845 5960
David Benda / Hugh Jonathan
Numis Securities Limited
+44 (0)20 7260 1000
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
Financial Dynamics, Public Relations (London)
+44 20 7269 7204