ICV Indochina Cap.

 
TIDMICV 
 
For immediate release on 19 October 2009 
 
             INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED 
                      ("ICV" or the "Company") 
 
       Result of EGM and Initial Distribution to Shareholders 
 
Introduction 
 
On 24 September 2009 the Company sent a Circular to Shareholders 
outlining the manner in which the net proceeds of the orderly 
realisation of the Company's portfolio are proposed to be distributed 
to Shareholders. The Board is pleased to announce that at the EGM 
held earlier today, these proposals were approved by Shareholders. 
The results of the voting on each of the resolutions were as follows: 
 
 
+-------------------------------------------------------------------+ 
|                |      Votes in   |      % |       Votes  |      % | 
| Resolution     |     favour*     |        |   against    |        | 
|----------------+-----------------+--------+--------------+--------| 
|              1 |   32,118,731    |  99.4  |   199,272    |  0.6   | 
|----------------+-----------------+--------+--------------+--------| 
|              2 |   32,168,731    |  99.5  |   149,272    |  0.5   | 
+-------------------------------------------------------------------+ 
 
The "in favour" votes include those votes giving the Chairman 
discretion 
 
Initial Distribution 
 
The Board  stated in  the Circular  that an  initial distribution  to 
Shareholders  would  be  made  as  soon  as  practicable  after   the 
Extraordinary General  Meeting and  the Board  now confirms  that  it 
intends to return approximately  $205.3 million (equivalent to  $4.50 
per Share) to  Shareholders,  representing 80.2   per  cent.  of  the 
Company's unaudited NAV as at 15 October 2009. The distribution  will 
be effected by way of a  compulsory repurchase on 22 October 2009  of 
the same percentage of each Shareholder's holding of Shares as at the 
close of business  on 22  October 2009 (the  "Record Date"),  rounded 
down to the  nearest whole  number, at  a price  of $5.61 per  Share, 
equivalent to  the NAV  per Share  of the  Company as  at 15  October 
2009.  Cash  consideration from  the  compulsory repurchase  will  be 
settled (i) in relation to  Shares in certificated form, through  the 
despatch to  Shareholders  of cheques  drawn  on  a branch  of  a  UK 
clearing bank by  first class post  by 30 October  2009; and (ii)  in 
relation to Shares in uncertificated form (ie in CREST), by means  of 
a CREST payment  by 30 October  2009 in favour  of the  Shareholder's 
payment bank, in accordance with the CREST payment arrangements. 
 
Further Distributions 
 
The Board intends to  make further distributions  on a monthly  basis 
provided the US dollar cash balance  (net of a provision for  ongoing 
expenses) exceeds $1 million.  The  exact timing and size of  further 
distributions is, however, uncertain and will depend on the speed and 
prices at which the  portfolio can be realised  and the net  proceeds 
converted into US dollars.  A further announcement regarding the next 
repurchase will be made in due course. 
Portfolio Update 
 
The Board believes that  Indochina Capital Advisors Limited  ("ICA"), 
the Company's investment manager, has made excellent progress on  the 
disposal of the listed equities within ICV's portfolio and there  are 
now only a few  positions remaining. ICA  is, however, restricted  in 
selling one  listed investment  (currently  valued at  $0.8  million) 
until Q3 of 2010 and discussions regarding this position are ongoing. 
 
The Company's OTC and private equity portfolio is currently valued at 
$30.4 million and an external third party adviser has been engaged to 
assist ICA and the Board in performing a strategic review of ways  in 
which these  eight investments  may  be realised  so as  to  maximise 
shareholder value. The Board is  encouraged by the level of  interest 
which  has  already  been  expressed   in  a  number  of   individual 
investments, although  it is  expected that  the performance  of  the 
underlying investments in  the current quarter  will be important  in 
the disposal process.  It is  therefore unlikely that any sales  from 
this part of the portfolio will  take place until Spring 2010 at  the 
earliest. 
 
Certificated and Non Certificated Holdings 
 
Following the Record Date, existing Share certificates will no longer 
be valid and Shareholders  will be sent a  new Share certificate  for 
their holding following the repurchase within 14 days.   Shareholders 
with holdings in uncertificated form  (ie in CREST) should expect  to 
have their  CREST  account  adjusted to  reflect  their  new  holding 
following the  repurchase  on  22 October  2009.   Existing  holdings 
credited to  any stock  account in  CREST will  be disabled  and  all 
existing Shares will be removed from CREST in due course.   Following 
the compulsory repurchase, it is expected that dealings will commence 
in the  remaining  Shares under  ISIN VGG476901134  at 8:00am  on  23 
October 2009. 
 
Capitalised terms used in this announcement have the same meaning  as 
in the Circular to  Shareholders dated 24  September 2009 unless  the 
context requires otherwise. 
 
Arbuthnot Securities  Limited, which  is regulated  by the  Financial 
Services Authority, is acting for Indochina Capital Vietnam  Holdings 
Limited and no-one else and will not be responsible to any person for 
providing the protections afforded to its customers nor for providing 
advice in relation to the proposals nor any other matter referred  to 
in this announcement. 
 
For further information please contact: 
 
Indochina Capital Advisors Limited     +84 8 3910 1525 
Beat Schuerch 
 
Arbuthnot Securities Limited           020 7012 2000 
Alastair Moreton 
Hannah Pearce 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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