Vietnam Holding (VNH), the £60m investment company managed by Dynam Capital, saw 14.7% of its shares tendered in its third annual redemption facility. Shareholders who sold will receive 371.45p per share with payments expected to be made around 21 October. This will leave the company with 15.7m shares in issue with a further 1.1m held in treasury. The shares closed at 330p last night at a 12.9% discount to net asset value.
QuotedData’s senior analyst Matthew Read said: “VietNam Holding’s annual redemption facility continues to do what it was designed to do, offering shareholders an exit at close to NAV rather than forcing them to sell at a discount in the market. However, with another 14.7% of shares being redeemed, following 17.9% last year, the continuing shrinkage of the fund is becoming a concern. The facility is undoubtedly shareholder-friendly and has helped keep VNH’s discount relatively narrow, but a smaller asset base risks pushing up costs and reducing liquidity in the shares. This is particularly relevant given that ongoing charges were already 3.25% at the June year-end. With Vietnam’s long-term investment prospects looking attractive, it would be good to see renewed demand for the shares and a reversal of this trend.”
Residential Secure Income (RESI) said the £13.5m sale of its shared ownership portfolio, which was announced in August and would complete its managed wind-down, has been delayed beyond the original date of 30 September. Completion of the deal was “pending further technical verification relating to one property in the portfolio. The company and the proposed purchaser continue to work towards completion, although a revised completion date cannot yet be confirmed.” RESI said it remains focused on completing the disposal and returning available capital to shareholders.
Matthew Read said: “This delay will be frustrating for RESI shareholders but the fact that the hold-up relates to technical verification of a single property suggests that the issue may be relatively straightforward to resolve, although the absence of a revised completion date introduces further uncertainty. Encouragingly, the expected £13.5m of net proceeds remains unchanged, but until the sale completes, that money cannot be returned to investors. For shareholders, the key considerations are now the timing of distributions and how much value can ultimately be realised from the remaining assets. With the wind-down already underway, delays are unwelcome, not least because ongoing costs can eat into potential returns.”
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