New Investment
May 27 2010 - 2:00AM
UK Regulatory
TIDMVOC
RNS Number : 6277M
Vision Opportunity China Fund Ltd
27 May 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED
STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN
27 May 2010
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
New Investment
Vision Opportunity China Fund Limited (AIM: VOC.L), today announces that it has
invested $8.0 million in China Security & Surveillance Technology, Inc. ("CSR")
(NYSE:CSR) as part of a $60.0 million underwritten secondary public offering.
Oppenheimer & Co. and Brean Murray, Carret & Co. were joint managers for the
offering.
CSR, together with its subsidiaries headquartered in Shenzhen, is a one-stop
solutions provider and consolidator in China's fast growing security and
surveillance industry. CSR designs, manufactures, and installs security and
surveillance systems, and provides after-sales support and maintenance services
for its customers. Established in April 2001, CSR currently has approximately
3,500 employees.
The underlying demand for security and surveillance products and services in
China continues to grow. As one of the largest vertically integrated solutions
provider, CSR has been well positioned to capitalize on the government's growing
security infrastructure needs. Recently announced contracts for four large
"e-city" projects demonstrate CSR's impressive business scope and ability to bid
for large government contracts.
In addition to its organic growth performance, CSR has a track record of being
able to successfully identify, acquire and integrate acquisition targets. With
14 acquisitions over the past three years, CSR has capitalised on the growth
opportunities arising from China's highly fragmented security and surveillance
industry. Going forward, CSR has stated that it intends to continue to identify
and pursue strategic opportunities.
For the financial year ended 31 December 2009, CSR generated total revenue of
$580.9 million and net income of $56.6 million which represents an increase of
36% and 74%, respectively, over the financial year ended 31 December 2008. For
the quarter ended 31 March 2010, CSR's revenue grew 25% (year-over-year) to
$120.2 million and net income grew 64% (year-over-year) to $3.3 million. CSR
has issued guidance for the year ending 31 December 2010 stating that it expects
to generate $800-$820 million in revenues and $1.15 to $1.20 in earnings per
share.
In return for its investment, VOC received 2,000,000 registered shares of CSR's
common stock at a price of $4.00 per share. The closing price of NYSE:CSR's
common stock on 25 May 2010 was $4.18 per share.
This transaction will be described in more detail in the prospectus and other
supporting documents to be filed shortly by CSR with the Securities and Exchange
Commission.
The latest investment follows shortly after the Company announced a $2.0 million
investment in Silver Pearl Enterprises ("Silver Pearl") (OTCBB: SVPE) a
China-based manufacturer of petrochemical products on 26 April 2010 and is
further evidence of the promising investment opportunities available in the SME
market in Greater China.
For further information, please contact:
Vision Opportunity China Fund Limited
David Benway / Adam Benowitz
Tel: +1 (212) 849 8225
www.vocfund.com
Canaccord Genuity Limited
Tel: +44 (0)20 7050 6500
Guy Blakeney / Sue Inglis
Financial Dynamics
Tel: +44 (0)20 7269 7132
Ed Gascoigne-Pees / Ed Berry
NOTE TO EDITORS
Vision Opportunity China Fund Limited
Vision Opportunity China Fund Limited ("VOC") is a closed-ended listed fund
traded on AIM. VOC primarily invests directly in listed companies with
operations principally within Greater China.
Greater China is a collective term for the territories administered by the
People's Republic of China, those administered by the Republic of China and
Singapore.
China Security & Surveillance Technology, Inc
CSR is a leading integrated security and surveillance solution provider in
China. As a "one stop" provider of products and solutions, CSR designs,
manufactures, sells, installs, services and monitors a full range of electronic
security systems primarily to commercial, industrial, education and government
customers in China. CSR sells its solutions, as well as other manufacturers'
systems, through an extensive network of sales offices and independent sales
agents throughout China.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKKODQQBKKQPB
Vision OP China (LSE:VOC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vision OP China (LSE:VOC)
Historical Stock Chart
From Jul 2023 to Jul 2024