Director Changes

RNS Number : 1943Y

VinaCapital Vietnam Opp. Fund Ld

27 November 2014

 



27 November 2014

VinaCapital Vietnam Opportunity Fund Limited

Director Changes

Ho Chi Minh City - The Board of Directors ("the Board") of VinaCapital Vietnam Opportunity Fund Limited ("the Company" or "VOF"), the AIM-quoted investment vehicle investing in Vietnam, announces that Mr. Martin Glynn and Mr. Don Lam have, as referred to in the Annual Report for the year to 30 June 2014, stepped down as Non-executive Directors of the Company following the conclusion of yesterday's Annual General Meeting.

Mr. Glynn has been a Director of the Company since 2008, and following his retirement, the representation of non-executive (independent) directors on the Board is reduced from five to four.

Mr. Lam has served on the Board since the Company's inception in 2003 and will continue to have an active role in the management of the Company as the CEO of VinaCapital, VOF's Investment Manager.

Commenting on the Board changes, the Company's Chairman Mr. Steven Bates said "The Board would like to express its sincere gratitude to Martin and Don for their significant contributions to the Company over the years. Both have served VOF admirably, with Don's tenure reaching back to the AIM admission of the Company with gross assets of USD10 million in 2003.

Martin, having served for 7 years, has decided not to seek re-election and has retired from the Board. I would like to take this opportunity to thank him for his contribution over the years to VOF. We will miss his experience and insight.

Furthermore, we recognise Don's decision to resign from the Board as a commitment to strengthen the Board's independence from the investment manager. Don's departure will leave the Board comprised fully of independent members. There is always a degree of ambivalence when the key figure in the formation of the Company decides to leave the Board, but Don's decision reflects a desire on the part of all of us to comply with best practice on board membership, which points unequivocally to a fully independent board. He will, of course, continue to attend our board meetings and I fully expect his focus on our affairs to remain as sharp as it has always been.

On behalf of the Board, I wish Martin and Don all the best with their future endeavours."

More information on the Company is available at www.vinacapital.com/vof

Enquiries:

David Dropsey

VinaCapital Investment Management Limited

Investor Relations/Communications

[phone]

[e-mail]

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

[phone]

[e-mail]

Hiroshi Funaki / Andrew Davies

Edmond de Rothschild Securities, Broker

[phone]

[e-mail]  

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

[phone]

[e-mail]

Andrew Walton

FTI Consulting, Public Relations (London)

[phone]

[e-mail]

 

END

 

 

BOALDLFLZFFZFBX