Vietnam Property Fund Repurchase of Shares (4526A)

TIDMVPF

RNS Number : 4526A

Vietnam Property Fund

20 March 2013

 
 For Immediate Release   20 March 2013 
 

VIETNAM PROPERTY FUND LIMITED

(the "Company")

   Re:    Repurchase of Shares 

The Company wishes to announce that it envisages making use of its authority to repurchase shares, as provided for under the Company's Memorandum and Articles of Association (the "Repurchase Scheme"). Under the Repurchase Scheme, the Company would be entitled to repurchase up to a maximum of one share less than fifteen per cent. of the ordinary shares issued and outstanding in the Company.

As provided for in the Company's Articles of Association, the Company may from time to time purchase its own shares including fractions of shares, when the prevailing bid price per share displayed on Reuters screen 'VIET', or on such other screen as the Board may from time to time decide, is at a discount to the prevailing Net Asset Value per share on such date, up to a maximum of one share less than fifteen per cent. of the issued and outstanding redeemable shares of the Company in any financial year of the Company. The Company may make payment for any shares it purchases in any manner authorised by the Companies Law (Revised) of the Cayman Islands, including out of capital. Neither the Company nor the Board shall be required to select the shares to be purchased rateably, or in any other particular manner, as between the holders of shares of the same class, or as between them and the holders of shares of any other class, or in accordance with the rights as to dividends or capital conferred by any class of shares. The Board shall determine if and when to make any such purchase, and shall be entitled to effect each and any such purchase in the manner in which it sees fit. Upon any such repurchase, the shares so repurchased shall, at the discretion of the Board, be (a) treated as cancelled and classified as authorised but unissued; or (b) be classified and held as treasury shares ("Treasury Shares"). The Directors may determine to cancel or transfer Treasury Shares on any terms as they deem appropriate.

The Company has appointed Dragon Capital Markets Limited, an affiliate of the investment manager of the Company, as its agent to carry out the Repurchase Scheme on its behalf with full discretion, subject to the Company's Articles of Association, as to if, who from and when to make any purchases under the Repurchase Scheme without further reference to the Company. Under this agency agreement Dragon Capital Markets shall be entitled to accumulate shares bought back under for the purpose of the Repurchase Scheme before it would transfer those shares.

 
 
   Enquiries: 
 Vietnam Property Fund Limited         Rachel Hill 
                                        Phone: [phone] 
 Cantor Fitzgerald Europe (Nominated   Rick Thompson / Tom Sheldon 
  Adviser)                              (Corporate Finance) 
                                        Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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