Anticipated foreclosure on VOC shares (2090C)
April 27 2012 - 2:05AM
UK Regulatory
TIDMVOC
RNS Number : 2090C
Vision Opportunity China Fund Ltd
27 April 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR
JAPAN
27 April 2012
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Anticipated foreclosure on VOC shares held by Tiberius
Investments & Capital (Jersey) Limited ("Tiberius")
As announced in February 2011, VOC was notified by Vision
Capital Advisors LLC, VOC's Investment Manager, ("VCA") that Mr.
Adam Benowitz and Dr. Randolph B. Cohen, the two principals of VCA,
owned 7,187,845 ordinary shares in VOC through Tiberius, a wholly
owned investment vehicle, and that those shares were pledged to
secure a bank loan.
VOC was informed last night that the assets pledged by Tiberius
(of which those VOC shares form a part) exceed the value of the
loan, but nonetheless their diminution in value, amongst other
factors, has triggered a potential event of default under the loan.
VOC has been further informed that the bank which provided that
loan is expected to declare Tiberius in default with effect from 30
April 2012 with the consequence, amongst other things, that the
interest payable by Tiberius on the loan will be raised by 3% and
the bank will have power to dispose of the pledged VOC shares.
VOC is informed that VCA's principals remain in discussion with
the bank with a view to avoiding the default or ameliorating its
consequences and has been assured that the financial position of
VCA is not adversely affected by this development.
For further information, please contact:
Vision Opportunity China Fund Limited Tel: +1 (212) 849 8225
Adam Benowitz
Canaccord Genuity Limited Tel: +44 (0)20 7050 6500
Sue Inglis
FTI Consulting Tel: +44 (0)20 7269 7132
Ed Gascoigne-Pees / Ed Berry
This information is provided by RNS
The company news service from the London Stock Exchange
END
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