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VinaLand Limited: Results of EGM
VinaLand Limited (“the Company” or “VNL”), the AIM-quoted investment vehicle established to target key growth segments within Vietnam's emerging real estate market, announces today that Special Resolution Numbers 1 and 2 were passed at the Extraordinary General Meeting of Shareholders (“EGM”) held on Friday, 10 December 2010.
There were six Special Resolutions proposed to Shareholders at the EGM. Special Resolution Numbers 1 and 2 amended the Company’s Articles of Association to give the Company ongoing authorisation to repurchase or redeem its shares, either on the market or by tender offer for cash at the prevailing net asset value per share.
The Special Resolutions that were not passed at the EGM related to the establishment of share purchase subsidiaries, the request for certain beneficial Shareholder information, an increase to the directors’ remuneration, and changing the name of the Company.
The Board, whose beneficial or controlled holdings collectively total 6,589,960 ordinary shares, recommended voting in favour of all resolutions at the EGM.
Commenting on the results of the EGM, Nicholas Brooke, Chairman of the Company, said: “Although the directors are disappointed that not all resolutions proposed at the EGM were passed, we are particularly pleased the resolutions regarding share buybacks and tender offers did pass. These provisions give the Manager a greater ability to respond to market conditions and provide value to shareholders.”
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