12 November 2010
Notice of EGM
Ho Chi Minh City - VinaLand Limited ("the Company" or "VNL"), the AIM-quoted investment vehicle established to target key growth segments within Vietnam's emerging real estate market, announces today that an Extraordinary General Meeting of Shareholders ("EGM") will be held 11 a.m. on Friday, 10 December 2010 (Hong Kong time) at the offices of Pacific Alliance Group, 6th Fl., St. John Building, 33 Garden Road, Central, Hong Kong. The Company has today sent a circular to shareholders (the "Circular") detailing the resolutions that will be put to shareholders for their approval at the EGM.
The Company announced on Thursday, 28 October 2010 that the Board intends to undertake certain strategic measures designed to enhance returns to shareholders. These measures include the distribution of approximately 50 percent of cash generated from divestments, after providing for tax and investment commitments, and the holding of an Extraordinary General Meeting to approve the establishment of a share buyback mechanism in the Company's Articles of Association.
The Board has also taken this opportunity to review the structure of the Company and its constitutional documents. The conclusion of the Board is that various amendments should be made to the Articles to reflect best practices and changes to the regulations relating to the Company's listing on the AIM Market of the London Stock Exchange.
The Board is also proposing Shareholder resolutions to:
(i) Increase the overall cap on the directors' remuneration, (due to additional workload and the addition of one further independent director to the Board); and
(ii) Change the name of the Company to 'VinaCapital Vietnam Land Limited' with the view to enhancing the profile of the Company, by linking its name with that of the Manager's; avoiding confusion with companies that have a similar name in Vietnam; and including "Vietnam" in the name to enhance detection in electronic search results.
The Board, whose beneficial or controlled holdings collectively total 6,589,960 ordinary shares, will be voting in favour of all resolutions at the EGM. The Board considers the proposals outlined in the Circular to be in the best interests of the Company and recommends that shareholders vote in favour of the resolutions at the EGM.
The Circular sets out the background to and reasons for the proposals and explains what shareholders should do next. A copy of the Circular together with a copy of the Company's amended Articles will also shortly be available on the Company's website (www.vinacapitail.com/vnl).
Michael L. Gray
VinaCapital Investment Management Limited
+84 8 821 9930
Hiroshi Funaki +44 20 7845 5960
LCF Edmond de Rothschild Securities, Broker
Grant Thornton, Nominated Adviser
+44 20 7383 5100
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
Financial Dynamics, Public Relations (London)
Notes for editors:
About VinaLand Limited
VinaLand Limited (VNL.L) is a closed end fund trading on the London Stock Exchange (AIM). Launched in 2006, VNL is the largest listed fund for investment in Vietnam's emerging real estate sector. The fund focuses on the key growth sectors including residential, office, retail, hospitality and leisure, and high tech/industrial properties. The manager's objective is to provide shareholders with an attractive level of income as well as creating a potential for capital growth. More information can be found at www.vinacapital.com/vnl.
About VinaCapital Group
VinaCapital Group is the leading asset management and financial services group in Vietnam. The Group combines its deep market experience and networks to generate strategic investment and financing products, alongside merger and acquisition activities. VinaCapital manages total assets valued at USD1.8 billion at September 2010. VinaCapital also has a dominant stake in VinaSecurities JSC, a brokerage firm. VinaCapital currently employs over 200 investment personnel in its offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang and Hong Kong. More information on the Group can be found at www.vinacapital.com.