9th Oct 2014 14:15
LONDON (Alliance News) - Vietnam Infrastructure Ltd Thursday outlined plans to bring forward proposals to restructure the company, which would enable long-term investors to retain an investment in Vietnam, while giving shareholders who want to realise their investment the chance for a phased exit.
The company said its decision to bring forward the proposals was made in light of the requirement to hold a continuation vote in 2017 and follows consultations with a number of shareholders.
Under the proposals, Vietnam Infrastructure would separate the listed and the private equity components of its portfolio into two distinct pools represented by two share classes.
The proposals are subject to shareholder and regulatory approval.
Vietnam Infrastructure's decision to bring forward the proposals was disclosed alongside results for its last financial year.
Vietnam Infrastructure's audited net asset value was USD213.4 million or USD0.61 per share at the end of June, representing an increase from a NAV per share of USD0.53 at the end of June 2013.
"The result is 1.6% less than the announced unaudited NAV per share of USD0.62 as at June 30, 2014, resulting from the net effect of consolidation and valuation adjustments determined after year end," Chairman Rupert Carington said in a statement.
"The company's share price increased as a reflection of the increase in NAV, closing the year at USD0.41 per share, an increase of 14.2% above USD0.36 as at June 30 2013. The board believes this improvement in the company's share price is the result of many factors, including the performance of the company's listed equity portfolio and the continuation of the share buyback programme," Carington added.
Vietnam Infrastructure's share price to NAV discount widened slightly to 32.2% from 32.1% a year earlier.
"The closing of this discount remains one of the top priorities for the board and the investment manager," Carington said.
Vietnam Infrastructure shares were Thursday quoted up 0.6% at USD0.454.
By Samuel Agini; [email protected]; @samuelagini
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