VinaCapital Vietnam Opportunity Fund Limited (the "Company")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 61765)
Dividend Policy
17 August 2017
Following consultations with the major shareholders of, and advisers to,
VinaCapital Vietnam Opportunity Fund Limited ("VOF" or the "Company"), the
Board of Directors has decided to amend VOF's dividend policy.
With immediate effect, the Board intends that the Company will pay a dividend
twice per year, normally declared in March and October. Exceptionally, the
Company is today making a separate announcement in respect of its first
dividend declaration.
The change in the dividend policy reflects various factors related both to the
development of the Vietnamese capital markets and to VOF itself. These factors
include:
* The flow of dividend income received by the Company from its underlying
investments is relatively stable and is expected to grow over time.
* The Board's intention to introduce a further measure to help control the
level of the share price discount to net asset value by broadening the
shareholder base to equity investors who will only consider companies which
provide regular dividend income.
It is the intention of the Board to declare semi-annual dividends for the
foreseeable future of an amount of at least 4.8 US cents per share, or the
equivalent in UK pence. This amount is approximately equal to 1 per cent of
VOF's unaudited net asset value at 30 June 2017. As and when circumstances
permit, it is the Board's intention to increase the dividend.
Dividend payments will not necessarily be fully covered by income and, as such,
may represent a return of capital to shareholders.
Dividends will be declared in US dollars, which is the Company's functional
currency. Shareholders may opt to have dividends paid in either US dollars or
in Pounds sterling, which is the currency in which the Company's share price is
quoted on the London Stock Exchange. By default, shareholders with registered
addresses in the UK and Channel Islands will receive dividends in sterling.
Shareholders registered in other jurisdictions will receive dividends in
dollars. Shareholders may, however, inform the registrars that they wish to
receive their dividends in either currency and the procedure for informing the
Company's registrars is set out in today's first dividend announcement.
Shareholders should note that the change in dividend policy is in addition to
the Company's share buyback programme, which has been the primary mechanism for
attempting to control the share price discount to net asset value.
Enquiries
Jonathan Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations
+84 28 3821 9930
jonathan.luu@vinacapital.com / joel.weiden@vinacapital.com
Edward Gascoigne-Pees
Camarco (Public Relations, London)
+44 20 3757 4980
ed.gascoigne-pees@camarco.co.uk
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
Franczeska Hanford / Andy Dovey
Northern Trust International Fund Administration Services (Guernsey) Limited,
Company Secretary
+44 1481 745001
fk26@ntrs.com
Stephen Westwood
+44 (0)7533 178381