Initial admission - Offcl Lst

RNS Number : 0724D

Vietnam Enterprise Investments Ltd

05 July 2016

 

COMPANY ANNOUNCEMENT

For Immediate Release                                                                                                        5 July 2016

Vietnam Enterprise Investments Limited

("VEIL" or the "Company")

Statement re Admission to Main Market of the London Stock Exchange

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS AND REGULATIONS IN SUCH JURISDICTION.

ADMISSION TO THE MAIN MARKET OF THE LONDON STOCK EXCHANGE

The Board of Vietnam Enterprise Investments Limited is pleased to announce that its ordinary shares (the "Shares") have today been admitted to trading on the Main Market of the London Stock Exchange ("Main Market") ("Admission").

Launched over 20 years ago, VEIL was the first-ever Vietnamese closed-ended fund. Today it has assets of approximately $890 million and provides exposure to a portfolio of Vietnamese equities, approximately half of which are at their foreign ownership limits and are otherwise difficult for foreign investors to access.

The Company's move to the Main Market is expected to create a more transparent and liquid market in the Shares, widening potential ownership, attracting greater analyst coverage, increasing VEIL's profile and narrowing the discount to NAV at which the Shares currently trade.

The Company's market quote on the London Stock Exchange has been redenominated into Sterling (the Shares were previously traded on the main securities market of the Irish Stock Exchange in US Dollars). The Company's admission to trading on the Irish Stock Exchange has been cancelled.

Dominic Scriven, Executive Chairman of Dragon Capital Group, said: "We are delighted for VEIL to become part of the most active and successful market for listed investment companies. With its premium listing, robust governance arrangements and a portfolio management team who have been together for the last 15 years, we believe VEIL provides a strong investment opportunity for both institutional and retail investors".

The ISIN, SEDOL and TIDM for the Shares are set out below:

ISIN:                 KYG9361H1092

SEDOL:            BD9X204

TIDM:                VEIL

The Company's issued share capital consists of 220,920,746 Shares with voting rights. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

Dragon Capital

Rachel Hill

[e-mail]                  

 [phone]

Smithfield

Ged Brumby                                                                                       

[e-mail]  

[phone]

Jefferies International Limited

Stuart Klein

[e-mail]                                                                                              

[phone]

About Vietnam Enterprise Investments Limited:

The Company was launched in 1995 and its Shares have been admitted to trading on the main securities market of the Irish Stock Exchange since that year.  Since launch, the Net Asset Value of the Company has grown considerably and, as at 30 June 2016, was approximately US$890 million.  VEIL is already one of the key vehicles for exposure to Vietnam given its size and its equity-only investment mandate, appealing to both institutional and retail investors. Approximately half of VEIL's NAV is represented by stocks at their foreign ownership limits which otherwise cannot be accessed by foreign investors. In macroeconomic terms, Vietnam has an attractive growth profile, with GDP growth of 6.7% in 2015, strong FDI inflows and a young, well-educated and growing workforce. It also stands to benefit from the recent Free Trade Agreement with the EU and the US-led Trans-Pacific Partnership. The Company's portfolio is managed by the Enterprise Investment Management Limited, which is a member of the Dragon Capital group.

About Dragon Capital:

Founded in 1994, the Dragon Capital Group is an integrated investment management company focused on Vietnam and the Mekong region. Dragon Capital and its affiliates manage some US$1.31 billion in assets spanning public equity, private equity, fixed income and property.  Dragon Capital's majority shareholders are the company's founders, management and staff. The firm presently employs approximately 100 people at its offices in Asia and Europe.

For more information visit Dragon Capital's website at www.dragoncapital.com.

 

END

 

 

LISEAAXLEFKKEEF