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Directors of the VinaCapital Vietnam Opportunity Fund have announced plans to migrate the fund’s domicile from the Cayman Islands to Guernsey.
The fund will also switch from listing on AIM to the Main Market of the London Stock Exchange (LSE) upon completion of the migration. The closed-ended investment company focuses its investment strategy across the key growth sectors of the Vietnam economy. At the end of August the net assets of the fund stood at US$ 681 million.
Explaining the reasons behind the fund’s planned migration directors said it had become apparent that the fund’s place of domicile and its quotation on AIM were barriers to certain potential new investors. Among the reasons for choosing Guernsey were the Island’s well-established infrastructure for the administration of closed-ended funds listed on the LSE and a robust regulatory and compliance regime.
The directors believe a move to the LSE’s Main Market will raise the profile of VinaCapital Vietnam Opportunity Fund, while also being beneficial for the fund’s trading liquidity and providing access to a larger number of institutional investors. Directors said shareholders would also benefit from the more rigorous corporate governance, regulatory and reporting requirements imposed on Main Market companies.
Guernsey Finance Chief Executive Dominic Wheatley said: “It is extremely encouraging to hear of VinaCapital’s intended migration to Guernsey. News of this type reinforces the fact that Guernsey remains home to more non-UK entities listed on the London Stock Exchange than any other jurisdiction globally, excluding the UK.”
A decision on the fund’s migration will be taken at an Extraordinary General Meeting on 27 October.
