24th Nov 2015 16:15
24 November 2015
VinaLand Limited
Results of the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), Update on the Company and project realisation progress
VinaLand Limited ('the Company' or 'VNL'), announces today that shareholders have supported the recommendations of the Board regarding all four resolutions which were put to a vote at the Company's AGM, and both resolutions put to a vote at the Company's EGM held today in London. All resolutions were passed on a show of hands and the table below provides the detailed proxy voting results for each separate resolution.
AGM RESOLUTIONS | For | %* | Against | %* | Vote withheld |
All of the Resolutions are ordinary resolutions | |||||
1. To receive and adopt the Financial Statements for the year ended 30 June 2015, with the Reports of the directors and auditors thereon. | 171,646,424
| 92 | 0 | 0 | 14,683,551
|
2. To re-appoint Mr Tran Trong Kien as a Director of the Company, who retires by rotation. | 181,281,424
| 97 | 0 | 0 | 5,048,551
|
3. To re-appoint Mr Nicholas Brook as a Director of the Company, who retires by rotation. | 180,831,424
| 97 | 0 | 0 | 5,498,551
|
4. To re-appoint PricewaterhouseCoopers (Hong Kong) as independent auditor to the Company and to authorise the Directors to determine their remuneration. | 181,281,424
| 97 | 0 | 0 | 5,048,551
|
EGM RESOLUTIONS | For | %* | Against | %* | Vote withheld |
Resolution 1 is a special resolution, Resolution 2 is an ordinary resolution | |||||
1. That the Company continue as presently constituted. | 35,374,250
| 14 | 204,050,225
| 83 | 4,970,000
|
2. (a) to change the Company's investing policy, and (b) to approve the Second Amended and Restated Investment Management Agreement. | 182,441,889
| 75 | 61,952,586
| 25 | 0
|
* Percentage of votes cast excludes withheld votes.
Update to realisation process
On 30 October 2015, the Investment Manager reported an illustration of the Company's potential realisation and distribution profile from now up until 21 November 2016 based on its current pipeline divestment plan which indicated a total estimated divestment value of up to approximately USD165 million.
As at today, 24 November 2015, the Manager has re-assessed this estimated forecast and based on six project disposals which are now documented and are proceeding with a target to close all exits over the next 12 months. It is important to note that all of these transactions remain subject to conditions precedent and are also subject to the market and buyer risks which are common within Vietnam.
Notwithstanding these risks, the Manager is of the view that the previously reported estimated divestment value of up to approximately USD165 million remains realistic and achievable should current market conditions continue.
A VNL presentation on the Company dated 24 November 2015 including some of the above information will be available on the VNL website.
More information on the Company is available at www.vnl-fund.com/
Enquiries:
Jonathon Trewavas
VinaCapital Investment Management Limited
Investor Relations/Communications
+84 8 3821 9930
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
Hiroshi Funaki / William Marle
Edmond de Rothschild Securities, Broker
+44 (0)20 7845 5960
David Benda / Hugh JonathanNumis Securities Limited, Broker
+44 (0)20 7260 1000
Andrew Walton
FTI Consulting, Public Relations (London)
+44 (0)20 7269 7204
Related Shares:
VNL.L