PXP Vietnam Fund Limited Notice of Merger (5832D)
January 30 2015 - 2:40AM
UK Regulatory
TIDMVNF
RNS Number : 5832D
PXP Vietnam Fund Limited
30 January 2015
PXP Vietnam Fund Limited
30 January 2015
Merger between PXP Vietnam Fund Limited and PXP Vietnam Emerging
Equity Fund Limited
A letter is today being sent to shareholders of PXP Vietnam Fund
Limited ("PXPVF") and PXP Vietnam Emerging Equity Fund Limited
("VEEF") to give notice of the completion of the merger of these
two companies (the "Merger") with effect from 2 February 2015.
The Board of Directors of each of PXPVF and VEEF sent circulars
to Shareholders of the respective companies on 26 November 2014 and
5 December 2014 respectively (the "Circulars") which set out the
proposal for a merger of PXPVF and VEEF.
The Shareholders of PXPVF approved the Merger by passing a
special resolution at the Extraordinary General Meeting held on 17
December 2014 and the holders of management shares of VEEF approved
the Merger on the same date. Accordingly the Merger has been
approved by the Boards and voting Shareholders of PXPVF and VEEF in
accordance with the provisions of the Cayman Islands Companies Law
(2013 Revision).
The Registrar of Companies of the Cayman Islands has issued a
Certificate of Merger to confirm that the Merger will be effective
from 2 February 2015.
Share Exchange
As set out in the Circulars, the surviving entity in the Merger
is VEEF, and so VEEF Shareholders continue to hold their
Participating Shares on exactly the same terms as before.
PXPVF Ordinary Shares will be cancelled by operation of law in
return for the issue to PXPVF Shareholders of new Participating
Shares in VEEF based on a share exchange ratio which is calculated
on the basis of the respective net asset value ("NAV") per
Participating Share of the Lead Series shares of VEEF and the NAV
per Ordinary Share of PXPVF on the valuation date of 31 December
2014.
The NAV per Participating Share of the Lead Series shares of
VEEF at 31 December 2014 was US$6.089 and the NAV per Ordinary
Share of PXPVF at 31 December 2014 was US$6.569. Therefore each
PXPVF Shareholder will receive in registered form and will be the
owner with effect from 2 February 2015 of 1.078830 Participating
Shares in VEEF for each PXPVF Ordinary Share currently held.
The Participating Shares to be issued to former Shareholders of
PXPVF will be in Series 1C. The ISIN for the Participating Shares
in Series 1C is KYG7306V1344.
All Shareholders will receive statements of their holdings from
the Fund Administrator in early February 2015.
Redemptions
The first redemption dealing day for former PXPVF Shareholders
who wish to redeem their VEEF Shares at NAV minus a 3% redemption
fee is 1 April 2015, provided that a redemption notice (indicating
the number of Shares to be redeemed or "full redemption") is
received by the Fund Administrator by the redemption dealing
deadline of 5pm (Hong Kong time) on 10 February 2015. The next
available redemption dealing day is 4 May 2015, with the redemption
dealing deadline expected to be 11 March 2015.
A copy of the letter dated 30 January 2015 can be obtained on
the website of PXP Vietnam Asset Management:
http://pxpam.com/wp-content/uploads/2015/01/VEEF-PXPVF-Notice-of-Merger-30-Jan-2015.pdf
The letter has been submitted to the National Storage Mechanism
and will shortly be available for viewing online at the following
website address: http://www.hemscott.com/nsm.do
For further information please contact:
PXP Vietnam Asset Management
Kevin Snowball
Tel: +84 (0)8 3827 6040
khsnowball@pxpam.com
ir@pxpam.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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