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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vision OP China | LSE:VOC | London | Ordinary Share | GG00B28DJ748 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.115 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6300I Vision Opportunity China Fund Ltd 28 November 2007 28 November 2007 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, AUSTRALIA, REPUBLIC OF SOUTH AFRICA OR JAPAN THIS ANNOUCEMENT IS NOT AN ADMISSION DOCUMENT AND IS NOT AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION Vision Opportunity China Fund Limited (the "Company") First day dealings on the AIM market of the London Stock Exchange Placing raised $100 million Vision Opportunity China Fund Limited announces that its Ordinary Shares will begin trading on the AIM market of the London Stock Exchange at 8 a.m. today, having raised $100 million by way of a placing of 100,000,000 Ordinary Shares of no par value at $1 per Ordinary Share. The ordinary shares trade under the symbol LSE: VOC. Fairfax I.S. PLC is acting as Nominated Adviser and Broker to the Company and as Financial Adviser and Broker in respect of the Placing. Investment Strategy The Company has been established to invest in companies whose operations are principally in Greater China. The Company's investment objective is to provide Shareholders with an attractive return on their investment predominantly through capital appreciation. The Company, through its group structure (the "Group"), will primarily invest by negotiating direct investments in companies which are listed or soon to be listed on a stock exchange. The Group will primarily target investment into companies whose annual revenues are between $10 million and $100 million and whose net annual income is, or is projected by the potential investee company for the next financial year to reach between $1 million and $10 million. Such investments will typically provide investee companies with funding options which are not widely available in their local market. The Group expects the net proceeds of the Placing to be fully invested within 12 months of Admission. Management Vision Capital Advisors ("VCA"), an SEC registered investment adviser with $500 million under management as at 1 September 2007, will act as the Company's investment manager. VCA will be responsible for sourcing investment opportunities for the Company and, within certain limits, will have discretionary management of the Company's investment portfolio. Commenting on the Company's admission to trading on AIM, Christopher Fish, Chairman of the Company, said: "The Directors and Vision Capital Advisors believe that Greater China is an especially attractive market for investment by the Group. Not only does Greater China have a large pool of potential targets with strong investment fundamentals, but it also suffers from an under-developed local capital market which makes the Group an attractive funding source for Investee Companies. The response to the fundraising has been very positive and we are delighted to be joining AIM today". Details of the Placing Placing Price per Ordinary Share $1 Number of Ordinary Shares being placed 100,000,000 Number of Ordinary Shares in issue immediately following the Placing 100,000,000 Market capitalisation of the Company at the Placing Price $100,000,000 Estimated Net Proceeds $94,200,000 Enquiries Vision Opportunity China Fund Limited David Benway, Director Tel: +1 (212) 849 8232 Praxis Fund Services Limited Christopher Gambrell Tel: +44 (0) 1481 737600 Fairfax I.S. PLC Paul Richards/ James King Tel: +44 (0) 20 7598 5368 Bankside Consultants Limited Simon Rothschild/Oliver Winters Tel: +44 (0) 20 7367 8888 NOTE TO EDITORS The Directors of the Company are: Christopher Norman Fish, Chairman, age 62 Mr Fish retired as Managing Director of Close International Private Banking in 2004, a position he held since 1999, but remain as the Non-Executive Chairman of Close Private Bank. He has over 30 years experience in banking, investment and fiduciary businesses. Mr Fish was a senior Executive Director and Group Head of Trusts for Rea Brothers (Guernsey) Limited ("Rea") from 1998 until it was acquired by Close Brothers Plc in 1999. Prior to joining Rea he worked for 6 years at Coutts & Co. Mr Fish worked from 1989 to 1992 as Chief Executive of Leopold Joseph Holdings (Guernsey) Limited and he worked from 1973 to 1989 in a number of senior Positions for the Royal Bank of Canada. Dr Randolph Baer Cohen, age 41 Dr Cohen is an Associate Professor of Business Administration at Harvard Business School. His research specialities include the interface between the actions of institutional investors and price levels in the stock market and the identification of top investment managers. Dr Cohen worked for Godwins, Booke and Dickenson as a Senior Actuarial Analyst from 1991 to 1993 and Hewitt Associates as an Associate Pension Actuary from 1989 to 1991. From 1987 to 1989 he was President of Boston Auto Brokers. In 2005 he co-founded a funds-of-funds named Stellation Asset Management where he remains as a principal. In 2002 he co-founded Vision Capital Advisors. He received a BA in Mathematics from Harvard University in 1987 and a PhD in Finance and Economics from the University of Chicago in 1998. David William Benway, age 40 Mr Benway is the Director of Business Development for Vision Capital Advisors. He has more than 15 years' experience in managing complex, global financial investment teams in various capacities. Before joining Vision Capital Advisors in February 2007, Mr Benway was the Chief Operating Officer for Twin Securities, Inc. where he led numerous strategic initiatives within the firm ranging from risk control and managed account implementation to cost controls, road show planning and marketing programs. From 2002 to 2005 he was Head of Institutional Sales and Business Development at Rose Glen Capital Group. He joined Rose Glen from Copperneff Group (a BNP Paribas Company) where he was Senior Vice President of Risk Managed Funds (2000-2002), Vice President and Chief Operating Officer of the Active Portfolio Strategies Group (1997-2000) and a trader in the Active Portfolio Strategies Group. Mr Benway worked for Goldman, Sachs & Co. from 1992 to 1995 both as an Associate in the International Equities Operations Group (1994-1995) and as an Analyst in the Contracts & Proprietary Rights Group (1992-1994). Ruiping Wang, age 45 Mr Wang is currently the Managing Director and Founder of TDR Capital International Ltd, the Chairman of TDR (Tianjin) Fund Management Ltd and the Co-founder of China VIT Media Holding Ltd. He is also currently an independent director of Holley Pharmaceuticals Co. Ltd and a director of SYSCAN Technology Holdings Limited. Mr Wang was an Executive Director of Softbank Investment International (Strategic) Limited from October 2003 to December 2005 and before that the General Manager of Softbank China Venture Investment Limited from September 2001. In 2006 and the first half of 2007 he acted as Group Advisor to Softbank. During his time at Softbank Mr Wang was a director of a number if other companies in the group. From 2000 to 2001 he was the Vice President of the Greater China Investment Banking Division of Deutsche Bank. From 1991 to 2001 he was an Associate Director of Standard Chartered (Asia) and was in charge of investment in mainland China. Before joining Standard Chartered (Asia) he was a manager of CITIC Group (1986 to 1991). Mr Wang received an MA in Economics from Nankai University, Tianjin in 1986. Dr Christopher Keith Polk, age 39 Dr Polk is a Professor of Finance at the London School of Economics and Political Science ("LSE"). He specialises in the behaviour of security prices and investment strategies and researches a wide range of topics including stock market efficiency, behavioural finance and corporate investment decisions. He has advised several asset management companies on the effectiveness of their investment strategies. Prior to joining the faculty at LSE, Dr Polk was an Assistant Professor of Finance at Northwestern University's Kellogg School of Management for 8 years. From 1990 TO 1993 he was a senior consultant for Anderson Consulting before leaving to pursue a PhD. He received a BS in Physics and Economics from Duke University in 1990 and a PhD in Finance from the University of Chicago in 1998. This information is provided by RNS The company news service from the London Stock Exchange END MSCILFEDLFLDFID
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