Event in Progress:
View the latest research on other companies in the sector.
Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
VNL FOG NTOG BLVN THAL CEPS MIDW TLY FARN CRAW
Edison Investment Research is terminating coverage on VinaLand (VNL). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Vinaland
VinaLand (VNL) is a closed-end fund set up in 2006 to invest in property development in Vietnam. Following a difficult period for the country’s real estate market, an extraordinary general meeting (EGM) in November 2012 saw shareholders vote in favour of a three-year programme of divestment and realisation, which was extended by a further year at an EGM in November 2015. With the Vietnamese property market now more buoyant, VNL is well advanced towards its 12-month target of $165m of realisations and has recently made a capital distribution of $35m. The fund’s board, in consultation with shareholders and the manager, is continuing to develop options for a new strategy for a new term that would commence at the EGM likely to be held in November 2016.
Vietnam’s property market is now showing signs of emerging from several years of weakness, as the economy stabilises and the availability of credit from the banking system increases. VinaLand (VNL) adopted a three-year realisation and distribution policy in 2012 that has been held back by market conditions, but the company believes there is scope to get back on track. VNL is set to hold an EGM by November 2015, and we would expect the company to consult shareholders on a new investment strategy prior to this. In the meantime, the near 40% discount to NAV provides a substantial valuation cushion.
Share: