Share buyback

RNS Number : 6193H

VinaCapital Vietnam Opp. Fund Ld

13 July 2012

 



13 July 2012

VinaCapital Vietnam Opportunity Fund Limited

Share buyback

VinaCapital Vietnam Opportunity Fund Ltd ('VOF', the 'Company') announces that on 12 July 2012, pursuant to the share buyback authority granted to the Company's Board of Directors on 25 October 2011, Visaka Holdings Limited, a wholly-owned subsidiary of the Company, purchased 350,000 Ordinary Shares of US$0.01 each at an average price of USD1.47 per share. 

Following this transaction, VOF has spent USD20.9 million overall repurchasing 14,149,663 shares which are held as treasury shares. VOF has recently accelerated the amount spent on the share buyback program relative to prior months, with USD9.8 million used for repurchases in May and June 2012 combined. In April 2012, VOF spent USD2.5 million while over the entire first quarter USD1.4 million worth of VOF shares were repurchased. The total number of shares acquired since November 2011 represents 4.36 percent of the Company's 324,610,259 Ordinary Shares in issue and as a result, total voting rights in the Company have been reduced to 310,460,596.

In June, both Fund Management and the Board of Directors met to discuss among other issues, the continuation of the share buyback program. It was universally agreed that VOF should remain committed over the next twelve months to the buyback program. Fund Chairman, William Vanderfelt added, "Through the buyback program, Management has been able to both reduce the Fund's discount to NAV and enhance NAV per share. However, we feel a continuation of the buyback program is important to further reducing the discount and providing an internal rate of return we could not likely replicate elsewhere. We believe that VOF's shares are attractive at the current valuation and should continue to utilize the ability of repurchasing shares to materialize our determination in reducing this discount."

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 Corporate Finance, Nominated Adviser

[phone]

[e-mail]

Hiroshi Funaki

LCF Edmond de Rothschild Securities, Broker

[phone]

[e-mail]  

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

[phone]

[e-mail]

Mark Walters

FTI Consulting, Public Relations (Hong Kong)

[phone]

[e-mail] 

Andrew Walton

FTI Consulting, Public Relations (London)

[phone]

[e-mail]

 

END

 

 

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