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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 |
TIDMVOC
RNS Number : 2090C
Vision Opportunity China Fund Ltd
27 April 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN
27 April 2012
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Anticipated foreclosure on VOC shares held by Tiberius Investments & Capital (Jersey) Limited ("Tiberius")
As announced in February 2011, VOC was notified by Vision Capital Advisors LLC, VOC's Investment Manager, ("VCA") that Mr. Adam Benowitz and Dr. Randolph B. Cohen, the two principals of VCA, owned 7,187,845 ordinary shares in VOC through Tiberius, a wholly owned investment vehicle, and that those shares were pledged to secure a bank loan.
VOC was informed last night that the assets pledged by Tiberius (of which those VOC shares form a part) exceed the value of the loan, but nonetheless their diminution in value, amongst other factors, has triggered a potential event of default under the loan. VOC has been further informed that the bank which provided that loan is expected to declare Tiberius in default with effect from 30 April 2012 with the consequence, amongst other things, that the interest payable by Tiberius on the loan will be raised by 3% and the bank will have power to dispose of the pledged VOC shares.
VOC is informed that VCA's principals remain in discussion with the bank with a view to avoiding the default or ameliorating its consequences and has been assured that the financial position of VCA is not adversely affected by this development.
For further information, please contact:
Vision Opportunity China Fund Limited Tel: +1 (212) 849 8225
Adam Benowitz
Canaccord Genuity Limited Tel: +44 (0)20 7050 6500
Sue Inglis
FTI Consulting Tel: +44 (0)20 7269 7132
Ed Gascoigne-Pees / Ed Berry
This information is provided by RNS
The company news service from the London Stock Exchange
END
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