Result of AGM Statement 2010

 
TIDMICV 
 
For immediate release on 12 May 2010 
 
                   INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED 
                            ("ICV" or the "Company") 
 
           Result of AGM and application for cancellation of listing 
 
 
AGM result 
 
The  Board  is  pleased  to  announce  that  at  the AGM held earlier today, all 
resolutions  (save  for  Resolution  2 referred  to  below)  were duly passed by 
Shareholders.  The results  of the  voting on  each of  the resolutions  were as 
follows: 
 
 Resolution   Votes in favour*    %    Votes against   % 
 
 1               3,197,761       100         0         0 
 
 3               3,197,761       100         0         0 
 
 4               3,197,761       100         0         0 
 
 5               3,197,761       100         0         0 
 
 
*The "in favour" votes include those votes giving the Chairman discretion 
 
Since  Mr Hugues Lamotte had  informed the Board that  he had now decided not to 
seek  re-election as a director  of the Company at  the AGM, Resolution 2 in the 
Notice  of AGM was  not proposed. The  Board would like  to thank Hugues for his 
contribution  to the Company over  the years, having served  as a director since 
the Company's IPO in 2007. 
 
Cancellation of listing 
 
In  light of  the substantial  returns of  capital to shareholders since October 
2009, the  size of  the Company  is now  significantly reduced and the Company's 
investment  portfolio comprises  only six  private equity  holdings and  one OTC 
investment.  The  Board  has  therefore  concluded  that  the benefits which the 
Company  and  its  shareholders  are  able  to  derive  from  the listing of the 
Company's ordinary shares are outweighed by the costs incurred by the Company as 
a  result of the listing. Accordingly, the Board has reached the conclusion that 
it  is no  longer in  shareholders' best  interests to  maintain the listing and 
therefore  announces that it intends to apply for cancellation of the listing of 
its  ordinary shares on the Official List of the UK Listing Authority ("Official 
List") (the "Delisting"). 
 
Pursuant  to the Listing Rules,  since ICV has a  standard listing rather than a 
premium  listing, having originally been  listed under Chapter 14, the Delisting 
is not conditional upon Shareholder approval being obtained. 
 
It  is anticipated that trading  in the Company's ordinary  shares on the London 
Stock  Exchange's main market for  listed securities will cease  at the close of 
business  on 29 June  2010, with cancellation  of listing  on the  Official List 
taking  effect at  8 a.m. on  30 June 2010 being  not less than 20 business days 
following the date of this announcement as required by the Listing Rules. 
 
Following  the Delisting, there  will be no  market facility for  dealing in the 
ordinary  shares of  the Company  and no  price will  be publicly quoted as from 
close  of business on 29 June 2010. As such, interests in the Company's ordinary 
shares  are  unlikely  to  be  readily  capable  of  sale  and  where a buyer is 
identified,  it  will  be  difficult  to  place  a  fair value on any such sale. 
Shareholders  who wish to  realise their investment  in the Company may consider 
selling their interests in the market prior to the Delisting becoming effective. 
 
The  Board  is  considering,  following  the  Delisting, the establishment of an 
informal  mechanism  for  matching  proposed  sellers  of  ordinary  shares with 
proposed  buyers.  However,  no  detailed  plans  for  any  such informal market 
facility  have yet been made and it is therefore uncertain whether it will prove 
possible  to establish such facility. Shareholders  will be kept informed of any 
developments in this regard. 
The  Company's investment policy continues to  be the orderly realisation of its 
entire  portfolio.  Dependent  on  the  progress  of  the  sale of the remaining 
portfolio  investments, the Board intends  to make further distributions through 
compulsory  repurchases of ordinary shares as  sale proceeds are received by the 
Company. 
 
 
For further information please contact: 
Indochina Capital Advisors Limited                   [phone] 
Rick Mayo-Smith 
 
Arbuthnot Securities Limited                             020 7012 2000 
Alastair Moreton 
Hannah Pearce 
 
"Ordinary Shares - Listing Category: Standard - Equity" 
 
 
[HUG#1415283]