VinaCapital Vietnam Opportunity Fd. Clarification on adjustments to Net Asset Value (6013S)
10 Março 2023 - 7:43AM
UK Regulatory
TIDMVOF
RNS Number : 6013S
VinaCapital Vietnam Opportunity Fd.
10 March 2023
VinaCapital Vietnam Opportunity Fund Limited
(the "Company" or "VOF")
Additional clarification on the valuation adjustments to Net
Asset Value (NAV) - 10 March 2023
Further to the announcement on 6 March 2023, where the Company
announced a change in daily NAV which included a decrease of USD
25.8 million (2.64% of NAV) arising from the approval by the Audit
Committee of valuation adjustments to certain public equity with
private terms and private equity investments as of 31 December
2022, the Board wish to provide some further detail.
The decline in NAV relates principally to the revaluation of
certain investments related to the NovaGroup Joint Stock Company
("NovaGroup"), which is the holding company of the listed company
Novaland Joint Stock Company ("Novaland", HOSE: NVL), and the
unlisted company Nova Consumer Group Joint Stock Company
("NCG").
On 30 December 2022, an event of default occurred on two
instruments held in VOF's "public equities with private terms"
portfolio relating to Novaland. The Investment Manager took the
appropriate steps to protect VOF's position as a creditor and is
currently in negotiations with the company to reschedule the
payments due under the instruments and improve the security
package. As a result of the default, however, the Board has asked
the Investment Manager to change the basis on which these
Novaland-related investments were valued, using a number of
possible outcomes of the negotiations and attributing probabilities
to each. This change of valuation basis has resulted in the
reduction in the valuation of the two instruments by USD 18.8
million as at 31 December 2022. These two investments were valued
at 30 June 2022 at a total of USD 58.5 million and, following the
most recent adjustments that have been approved by the Audit
Committee, are valued at USD 38.6 million as of 31 December
2022.
In addition, in April 2022 VOF made a USD 24.8 million
investment in a minority interest in Nova Consumer Group ("NCG"), a
separate company in the NovaGroup, which had expected to be listed
on the Ho Chi Minh Stock Exchange by 1 January 2023. This
investment was valued at 30 June 2022 at USD 25.2 million. Due to
adverse market conditions, NCG was unable to fulfil its listing
commitments by the agreed date and, consequently, the Investment
Manager on behalf of VOF has exercised the put option agreed at the
time of the original investment. This put option provided that VOF
could sell its shares in NCG back to NovaGroup at cost plus a
guaranteed return. However, as a result of the broader problems it
is experiencing, NovaGroup is not in a position to honour this
obligation. Again, the Investment Manager is taking the necessary
legal steps to secure VOF's position as a creditor but, in this new
light, the Board of VOF has concluded that a provision of USD 7.9
million against VOF's investment in NCG is also necessary and, with
this most recent adjustment, the investment in NCG is valued at USD
17.8 million as of 31 December 2022.
The Investment Manager continues to actively engage with
NovaGroup and its sponsors to negotiate the recovery of these
investments including the expected returns.
The reductions in the valuations of the two Novaland-related
instruments and the investment in NCG totalled USD 26.7 million as
at 31 December 2022 which were approved by the Audit Committee of
VOF and adjusted in the daily NAV of 3 March 2023.
Further information is available on the Company's website at:
https://vof.vinacapital.com/
Enquiries:
Joel Weiden
-----------------------------------------------------------
Investment Manager - Investor Relations and Communications
VinaCapital Investment Management Limited
T: +84 28 3821 9930
E: joel.weiden@vinacapital.com
David Benda / Hugh Jonathan
-----------------------------------------------------------
Broker
Numis Securities Limited
T: +44 20 7260 1000
E: funds@numis.com
Magdala Mullegadoo
-----------------------------------------------------------
Company Secretary / Administrator
Aztec Financial Services (Guernsey) Limited
T: +44 1481 748 814
E: vinacapital@aztecgroup.co.uk
Edward Livingstone-Learmonth
-----------------------------------------------------------
Public Relations (London)
Camarco
T: +44 20 3757 4980
E: edward.livingstone-learmonth@camarco.co.uk
Will Hampsey-Cook
-----------------------------------------------------------
Marketing and Distribution (London)
Frostrow Capital LLP
T: +44 (0)203 709 9281
E: Will.Hampsey-Cook@frostrow.com
Dion Di Miceli / Stuart Muress
-----------------------------------------------------------
Marketing and Investor Engagement (Global)
Barclays Bank PLC
T: +44 207 623 2323
E: BarclaysInvestmentCompanies@barclays.com
1. References to VOF or the Company in this announcement shall
mean VinaCapital Vietnam Opportunity Fund Limited, a non-cellular
company incorporated in the Bailiwick of Guernsey under The
Companies (Guernsey) Law, 2008, with registered number 61765. It is
authorised by the Guernsey Financial Services Commission (reference
number 2268242) as a registered closed-ended investment scheme
under The Protection of Investors (Bailiwick of Guernsey) Law, 2020
and in compliance with the Registered Collective Investment Scheme
Rules, as amended.
2. The registered office address of the Company is East Wing,
Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel
Islands, GY1 3PP.
3. This announcement may contain inside information as
stipulated under the Market Abuse Regulations (EU) NO. 596/2014
(MAR).
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