Statement re Share Buy-back Programme

RNS Number : 1395X

Vietnam Enterprise Investments Ltd

17 February 2017

 

COMPANY ANNOUNCEMENT

For Immediate Release                                                                                           17 February 2017

Vietnam Enterprise Investments Limited

("VEIL" or the "Company")

Share Buy-back Programme

In accordance with the Directors' intention to implement an active discount management policy if they believe it to be in Shareholders' interests as a whole and as a means of correcting any imbalance between the supply of and demand for the Company's Shares, the Company today announces the commencement of a Share buy-back programme (the "Programme"). The Company has appointed Jefferies International Limited to manage the Programme.

The Directors will only make such repurchases through the market at prices (after allowing for costs) below the relevant prevailing NAV per Share under the guidelines established from time to time by the Board.  Purchases of Shares may be made only in accordance with Cayman law, the Disclosure Guidance and Transparency Rules and the authority granted by Shareholders at the Company's Annual General Meeting on 7 December 2016. 

Under the FCA Listing Rules, the maximum price that may be paid by the Company on the repurchase of any Shares pursuant to a general authority is 105 per cent. of the average of the middle market quotations for the Shares for the five business days immediately preceding the date of purchase or, if higher, that stipulated by regulatory technical standards adopted by the European Commission pursuant to Article 5(6) of the Market Abuse Regulation (EU) No. 596/2014.

Shares repurchased by the Company may be cancelled or held in treasury (up to a maximum of 10 per cent. of the total number of issued Shares at any time may be held in treasury).  Shares may be re-issued from treasury but, unless previously approved by Shareholders, will not be issued at a price which, taking account of issue expenses, would be less than the last reported NAV per Share.

A buy-back of Shares pursuant to the Programme on any trading day may represent a significant proportion of the daily trading volume in the Shares on the Main Market of the London Stock Exchange plc (and could exceed the 25% limit of the average daily trading volume of the preceding 20 business days as referred to in the Commission Delegated Regulation (EU) No. 2016/1052 on buy-back programmes).

Any purchase of Shares by the Company will be notified by an announcement through a Regulatory Information Service by no later than 7.30 a.m. on the following business day.

Shareholders should note that the purchase of Shares by the Company is at the absolute discretion of the Directors and is subject, amongst other things, to the amount of cash available to the Company to fund such purchases. Accordingly, no expectation or reliance should be placed on the Directors exercising such discretion on any one or more occasions.

Enquiries:

Dragon Capital

Rachel Hill

[phone]

[e-mail]                  

Jefferies International Limited

Stuart Klein                                                                                          

[phone]

[e-mail]          

 

END

 

 

STRGMGMZMNFGNZG