Sales of Investments - Replacement (6311C)
May 03 2012 - 2:01AM
UK Regulatory
TIDMVOC
RNS Number : 6311C
Vision Opportunity China Fund Ltd
03 May 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR
JAPAN
This following amendment has been made to the "Sales of
Investments" announcement released on 27 April 2012 at 7.00 a.m.
(RNS No: 2089C): in relation to the sale of warrant holdings, the
reference to "Wuhan General Group China, Inc. (NASDAQ:WUHN)" has
been replaced by a reference to " Keyuan Petrochemicals, Inc.
(OOTC:KEYP)". Save for that amendment, all other details in the
original announcement remain unchanged and the full amended text of
the announcement is shown below.
3 May 2012
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Sales of Investments.
Vision Opportunity China Fund Limited (AIM: VOC.L) today reports
that it has sold all shares of common stock held by it, including
the issued shares of common stock resulting from the conversion and
exercise of Series A Convertible Preferred Stock, in Shengkai
Innovations, Inc. ("Shengkai") (NASDAQ:VALV) through a series of
on-market transactions at close to market prices. The sale has no
material impact on NAV. The net proceeds will be held in cash
pending distribution to shareholders.
Shengkai is primarily engaged in the design, manufacture and
sale of ceramic valves in China. VOC invested an aggregate of
US$15.3 million in Shengkai on 14 February 2008 and 9 June 2008. In
return for its investment, it received*:
a) 338,750 shares of common stock;
b) Series A Convertible Preferred Stock convertible into
2,957,763 shares of Shengkai's common stock at a conversion price
of $5.0714 per share; and
c) 5 year Series A Warrants to purchase up to 3,549,316 shares
of Shengkai's common stock at an exercise price of $7.04 per
share.
* Shengkai's share counts and conversion prices have been
adjusted to reflect the 1 for 2 reverse stock split effective 9
March 2012.
In addition, VOC reports that on 23 April 2012, it agreed to
sell all of the warrants it held in Shengkai, Tianyin
Pharmaceutical Co, Inc. (AMEX:TPI) and Keyuan Petrochemicals, Inc.
(OOTC:KEYP) through a private sale. The total net sale proceeds
from the transaction will be US$46,250.
No dividends were paid on the Shengkai shares during VOC's
ownership. VOC first undertook a partial realisation of its
investment in Shengkai on 11 May 2009. The total proceeds from all
sales of approximately $11.94 million in cash has resulted in a
realised loss of $3.38 million on VOC's investment in Shengkai.
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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