Doc re. Statement regarding change in management at investment manager
January 25 2010 - 2:01AM
UK Regulatory
TIDMICV
Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.
Indochina Capital Vietnam Holdings Limited ("ICV" or the "Company")
25 Jan 2010
Indochina Capital Advisors (the 'Investment Manager') has informed the Company
that Beat Schuerch is resigning as CEO of the Investment Manager with effect
from 31 January 2010 to join another Vietnam focused fund manager. His
responsibilities will be assumed by one of the principals of Indochina Capital,
Rick Mayo-Smith, who has chaired the Company's Investment Committee since 27
November 2008.
Beat Schuerch has agreed, with the consent of his new employer, to provide
advice to the Investment Manager on the on-going realisation of assets within
the Company's portfolio until the Company enters liquidation. Commenting on the
impending change in management Gordon Lawson, Chairman of the Company, said:
"We appreciate the willingness of all parties involved to look after the
interests of ICV shareholders and very much welcome that ICV can continue
relying on Beat's advice for the realisation of ICV's remaining portfolio. We
also welcome the appointment of Rick Mayo-Smith who has over 15 years of
investment experience in Vietnam to take responsibility for the realisation of
all remaining assets from 1 February 2010."
The Company has realised around 90 per cent. of its portfolio since shareholders
voted on 3 September 2009 to amend the Company's investment policy and begin an
orderly realisation of assets. There are eight positions left in the portfolio,
seven of which are private equity or OTC investments and one of which is a
listed position that has lock-up provision until August 2010. The Investment
Manager is at an advanced stage of selling one of the private equity positions
and will have the data-rooms and information memorandums for the remaining
private equity and OTC positions ready during February for potential investors
to review.
Beat Schuerch joined Indochina Capital Advisors in 2006 as the COO/CFO playing
an instrumental part in the IPO of the Company and in early 2009 he was promoted
to the position of CEO of the Investment Manager. The directors would like to
thank Beat for his contribution over the last 3 years to the Company and in
particular, for his handling of the realisation of ICV's portfolio to date.
For further information, please contact:
Arbuthnot Securities Tel:
+44 20 7012 2000
Alastair Moreton / Hannah Pearce
Indochina Capital Advisors (Investment Manager) Tel: +84 8 3520 2002
Rick Mayo-Smith, CEO Equities
End of Announcement
[HUG#1376556]
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