Result of EGM
(Thomson Reuters ONE) - For immediate release on 19 October 2009 INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED ("ICV" or the "Company") Result of EGM and Initial Distribution to ShareholdersIntroductionOn 24 September 2009 the Company sent a Circular to Shareholdersoutlining the manner in which the net proceeds of the orderlyrealisation of the Company's portfolio are proposed to be distributedto Shareholders. The Board is pleased to announce that at the EGMheld earlier today, these proposals were approved by Shareholders.The results of the voting on each of the resolutions were as follows:+-------------------------------------------------------------------+| | Votes in | % | Votes | % || Resolution | favour* | | against | ||----------------+-----------------+--------+--------------+--------|| 1 | 32,118,731 | 99.4 | 199,272 | 0.6 ||----------------+-----------------+--------+--------------+--------|| 2 | 32,168,731 | 99.5 | 149,272 | 0.5 |+-------------------------------------------------------------------+The "in favour" votes include those votes giving the ChairmandiscretionInitial DistributionThe Board stated in the Circular that an initial distribution toShareholders would be made as soon as practicable after theExtraordinary General Meeting and the Board now confirms that itintends to return approximately $205.3 million (equivalent to $4.50per Share) to Shareholders, representing 80.2 per cent. of theCompany's unaudited NAV as at 15 October 2009. The distribution willbe effected by way of a compulsory repurchase on 22 October 2009 ofthe same percentage of each Shareholder's holding of Shares as at theclose of business on 22 October 2009 (the "Record Date"), roundeddown to the nearest whole number, at a price of $5.61 per Share,equivalent to the NAV per Share of the Company as at 15 October2009. Cash consideration from the compulsory repurchase will besettled (i) in relation to Shares in certificated form, through thedespatch to Shareholders of cheques drawn on a branch of a UKclearing bank by first class post by 30 October 2009; and (ii) inrelation to Shares in uncertificated form (ie in CREST), by means ofa CREST payment by 30 October 2009 in favour of the Shareholder'spayment bank, in accordance with the CREST payment arrangements.Further DistributionsThe Board intends to make further distributions on a monthly basisprovided the US dollar cash balance (net of a provision for ongoingexpenses) exceeds $1 million. The exact timing and size of furtherdistributions is, however, uncertain and will depend on the speed andprices at which the portfolio can be realised and the net proceedsconverted into US dollars. A further announcement regarding the nextrepurchase will be made in due course.Portfolio UpdateThe Board believes that Indochina Capital Advisors Limited ("ICA"),the Company's investment manager, has made excellent progress on thedisposal of the listed equities within ICV's portfolio and there arenow only a few positions remaining. ICA is, however, restricted inselling one listed investment (currently valued at $0.8 million)until Q3 of 2010 and discussions regarding this position are ongoing.The Company's OTC and private equity portfolio is currently valued at$30.4 million and an external third party adviser has been engaged toassist ICA and the Board in performing a strategic review of ways inwhich these eight investments may be realised so as to maximiseshareholder value. The Board is encouraged by the level of interestwhich has already been expressed in a number of individualinvestments, although it is expected that the performance of theunderlying investments in the current quarter will be important inthe disposal process. It is therefore unlikely that any sales fromthis part of the portfolio will take place until Spring 2010 at theearliest.Certificated and Non Certificated HoldingsFollowing the Record Date, existing Share certificates will no longerbe valid and Shareholders will be sent a new Share certificate fortheir holding following the repurchase within 14 days. Shareholderswith holdings in uncertificated form (ie in CREST) should expect tohave their CREST account adjusted to reflect their new holdingfollowing the repurchase on 22 October 2009. Existing holdingscredited to any stock account in CREST will be disabled and allexisting Shares will be removed from CREST in due course. Followingthe compulsory repurchase, it is expected that dealings will commencein the remaining Shares under ISIN VGG476901134 at 8:00am on 23October 2009.Capitalised terms used in this announcement have the same meaning asin the Circular to Shareholders dated 24 September 2009 unless thecontext requires otherwise.Arbuthnot Securities Limited, which is regulated by the FinancialServices Authority, is acting for Indochina Capital Vietnam HoldingsLimited and no-one else and will not be responsible to any person forproviding the protections afforded to its customers nor for providingadvice in relation to the proposals nor any other matter referred toin this announcement.For further information please contact:Indochina Capital Advisors Limited +84 8 3910 1525Beat SchuerchArbuthnot Securities Limited 020 7012 2000Alastair MoretonHannah Pearce---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.10.2009 - 12:09 Uhr
Sprache: Deutsch
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