Following the outcome of the 2016 AGM and EGM, the Investment Manager is continuing with the orderly realisation of the Company’s investment portfolio enabling further distributions to shareholders. Vietnam’s economic conditions continued to support and create more demand in real estate market, including VNL’s portfolio. The combination of stable market enables the Investment Manager to continue to focus on ongoing disposals and other divestment opportunities at optimal valuations and to complete distributions to shareholders.
Latest commentary from our fund manager
As at 31 December 2018, VinaLand Limited (the “Company” or “VNL”) posted an unaudited net asset value (NAV) of USD0.325 million or USD0.0022 per share, which decreased from the previous quarter’s unaudited NAV at 30 September 2018 of USD41.2 million or USD0.28 per share. This decrease in NAV during the quarter was due to the return of capital of USD45.45 million or USD0.31 per share and announced on 6 December 2018 following the completion of the last two project divestments. VNL’s share price also decreased post the return of capital, sitting at USD0.0050 per share at the end of December 2018. VNL repurchased and cancelled 0.33 million ordinary shares in the last quarter of 2018 via the Company share buyback program, bringing the total of cancelled ordinary shares since October 2011 to 353.3 million. VNL has cancelled 70.7% of the fund’s total issued shares prior to the program since the commencement of the share buyback program.