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VinaCapital Vietnam Opportunity Fund to distribute four per cent NAV

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The board of directors of VinaCapital Vietnam Opportunity Fund, an investment company focused on Vietnam, has decided to distribute four per cent of net asset value per year in two payments per year following the finalisation of the half-year and annual financial statements of the company.

This equates to a yield of 5.6 per cent per year based on yesterday’s closing share price. 

The board aims to make the first distribution in May 2011 after the finalisation of the interim financial statements of the company.

Distributions will be made in the form of a tender for the repurchase of shares at net asset value.
 
In addition, VinaCapital Investment Management will convene an EGM to seek shareholders’ approval to institute a share buyback mechanism within the company’s articles of association.
 
The board is exploring the possibility of moving the company’s primary listing to another stock exchange with the view of broadening the company’s investor base.

The senior management of the investment manager will be visiting major investment locations in Asia, Europe and America over the coming months to meet with investors to explain these measures and the fund’s strategic direction, as well as discussing the outlook for Vietnam.
 
William Vanderfelt, chairman, says: “VOF has a strong and proven track record of investment results. However, like many emerging market closed-end funds, the past two years have seen the fund trade at a significant discount to net asset value. We believe that the above actions will help to rectify this situation, while placing the company in a strong position to continue generating investment returns.”

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