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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 : 6277M Vision Opportunity China Fund Ltd 27 May 2010 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN 27 May 2010 Vision Opportunity China Fund Limited (the "Company" or "VOC") New Investment Vision Opportunity China Fund Limited (AIM: VOC.L), today announces that it has invested $8.0 million in China Security & Surveillance Technology, Inc. ("CSR") (NYSE:CSR) as part of a $60.0 million underwritten secondary public offering. Oppenheimer & Co. and Brean Murray, Carret & Co. were joint managers for the offering. CSR, together with its subsidiaries headquartered in Shenzhen, is a one-stop solutions provider and consolidator in China's fast growing security and surveillance industry. CSR designs, manufactures, and installs security and surveillance systems, and provides after-sales support and maintenance services for its customers. Established in April 2001, CSR currently has approximately 3,500 employees. The underlying demand for security and surveillance products and services in China continues to grow. As one of the largest vertically integrated solutions provider, CSR has been well positioned to capitalize on the government's growing security infrastructure needs. Recently announced contracts for four large "e-city" projects demonstrate CSR's impressive business scope and ability to bid for large government contracts. In addition to its organic growth performance, CSR has a track record of being able to successfully identify, acquire and integrate acquisition targets. With 14 acquisitions over the past three years, CSR has capitalised on the growth opportunities arising from China's highly fragmented security and surveillance industry. Going forward, CSR has stated that it intends to continue to identify and pursue strategic opportunities. For the financial year ended 31 December 2009, CSR generated total revenue of $580.9 million and net income of $56.6 million which represents an increase of 36% and 74%, respectively, over the financial year ended 31 December 2008. For the quarter ended 31 March 2010, CSR's revenue grew 25% (year-over-year) to $120.2 million and net income grew 64% (year-over-year) to $3.3 million. CSR has issued guidance for the year ending 31 December 2010 stating that it expects to generate $800-$820 million in revenues and $1.15 to $1.20 in earnings per share. In return for its investment, VOC received 2,000,000 registered shares of CSR's common stock at a price of $4.00 per share. The closing price of NYSE:CSR's common stock on 25 May 2010 was $4.18 per share. This transaction will be described in more detail in the prospectus and other supporting documents to be filed shortly by CSR with the Securities and Exchange Commission. The latest investment follows shortly after the Company announced a $2.0 million investment in Silver Pearl Enterprises ("Silver Pearl") (OTCBB: SVPE) a China-based manufacturer of petrochemical products on 26 April 2010 and is further evidence of the promising investment opportunities available in the SME market in Greater China. For further information, please contact: Vision Opportunity China Fund Limited David Benway / Adam Benowitz Tel: +1 (212) 849 8225 www.vocfund.com Canaccord Genuity Limited Tel: +44 (0)20 7050 6500 Guy Blakeney / Sue Inglis Financial Dynamics Tel: +44 (0)20 7269 7132 Ed Gascoigne-Pees / Ed Berry NOTE TO EDITORS Vision Opportunity China Fund Limited Vision Opportunity China Fund Limited ("VOC") is a closed-ended listed fund traded on AIM. VOC primarily invests directly in listed companies with operations principally within Greater China. Greater China is a collective term for the territories administered by the People's Republic of China, those administered by the Republic of China and Singapore. China Security & Surveillance Technology, Inc CSR is a leading integrated security and surveillance solution provider in China. As a "one stop" provider of products and solutions, CSR designs, manufactures, sells, installs, services and monitors a full range of electronic security systems primarily to commercial, industrial, education and government customers in China. CSR sells its solutions, as well as other manufacturers' systems, through an extensive network of sales offices and independent sales agents throughout China. This information is provided by RNS The company news service from the London Stock Exchange END MSCKKODQQBKKQPB
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