Final Exercise of Warrants

RNS Number : 0839P

VietNam Holding Limited

27 September 2013

 



VietNam Holding Limited

Final Exercise of Warrants

Exercise of Warrants

The Board of VietNam Holding Limited ("VNH" or the "Company") announces that, in connection with the final exercise of the Company's warrants, 10,249,781 warrants were exercised by holders. Following the exercise, the Company has allotted 10,249,781 new ordinary shares. The new ordinary shares will rank pari passu with the existing ordinary shares and application will be made for the new ordinary shares to be admitted to AIM, a market operated by the London Stock Exchange.

Following the issue of new ordinary shares noted above, the Company's share capital consists of 61,360,041 ordinary shares (excluding shares held in treasury) and 7,689,576 remaining warrants with subscription rights. 3,726,532 ordinary shares will remain in treasury.

Outstanding Warrants

Following the final exercise, 7,689,576 warrants remain unexercised.  In accordance with the terms and conditions of the warrants, the Company has appointed a final subscription trustee (the "Trustee").  If the Trustee determines that there would be net proceeds (having taken account of the Exercise Price payable to the Company, all costs and expenses of exercise from the sale of Ordinary Shares arising on the exercise of the Warrants and market demand for the sale of ordinary shares), then the Trustee will exercise any unexercised warrants and sell all of the resulting ordinary shares. The Trustee will distribute pro rata the net proceeds of any such sale (after deduction of the costs and expenses) to holders of unexercised warrants by no later than 25 November 2013 save that, entitlements of under US$5 per holder shall be retained for the benefit of the Company or, at the Company's discretion, donated to a charity of the Company's choice.

If the Trustee does not exercise the warrants by 9 October 2013, all rights conferred by the warrants will lapse with nil value.  The Trustee's decision in respect of the above is final and binding on all holders of outstanding warrants.

A further announcement on the outstanding warrants will be made in due course.

Director Dealing

The Company was notified on 26 September 2013 that Min-Hwa Hu Kupfer, Chairperson of the Company, and Professor Dr. Rolf Dubs, a Director of the Company have undertaken the following transactions:

·    Min-Hwa Hu Kupfer exercised 6,667 subscription rights on her warrants, entitling her to subscribe for 6,667 new ordinary shares, on the basis of one warrant for one share, at an exercise price of US$1.196. Following allotment of the shares on 26 September 2013, Min Kupfer holds a beneficial interest in a total of 36,667 Ordinary Shares representing 0.06% of the ordinary share capital of the Company.

·    Professor Dr. Rolf Dubs exercised 10,000 subscription rights on his warrants, entitling him to subscribe for 10,000 new ordinary shares, on the basis of one warrant for one share, at an exercise price of US$1.196. Following allotment of the shares on 26 September 2013, Professor Dr. Rolf Dubs holds a beneficial interest in a total of 30,000 Ordinary Shares representing 0.05% of the ordinary share capital of the Company.

In addition, the Company was notified on 26 September 2013 that Donald Van Stone, Vice-Chairman of VietNam Holding Asset Management ("VNHAM"), the Investment Manager of the Company, and VNHAM have undertaken the following transactions:

·    Donald Van Stone exercised 3,155 subscription rights on his warrants, entitling him to subscribe for 3,155 new ordinary shares, on the basis of one warrant for one share, at an exercise price of US$1.196. Following allotment of the shares on 26 September 2013, Donald Van Stone holds a beneficial interest in a total of 12,580 Ordinary Shares representing 0.02% of the ordinary share capital of the Company.

·    VNHAM exercised 24,732 subscription rights on its warrants, entitling it to subscribe for 24,732 new ordinary shares, on the basis of one warrant for one share, at an exercise price of US$1.196. Following allotment of the shares on 26 September 2013, VNHAM holds a beneficial interest in a total of 98,944 Ordinary Shares representing 0.16% of the ordinary share capital of the Company.

For further information, please contact:

VietNam Holding Asset Management Limited

Gyentsen Zatul

Telephone: [phone]

Investor Relations

Oriel Securities Limited (Nominated Adviser and Broker)

Stewart Wallace / Neil Winward

Telephone: [phone]

 

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