Investing in Vietnam's emerging real estate market, VinaLand (VNL) has inevitably passed underneath the radar of most investors. As such, the shares are trading at a significant discount to book value, although management is working towards narrowing that gap by realising gains from its £1.5bn (£1bn) portfolio of assets.
Operating through three closed-end funds, the group realised gains of $30.8m in the six months to December last year, as part of a three-year cash return period. This means that since November 2012, eight divestments have raised $62.2m, helping to reduce net debt by $6m to $105m, giving a loan-to-value ratio of 27 per cent. However, sourcing investors to acquire VNL assets remains a challenge, and the group remains behind its divestment target.
VinaLand is subject to a continuation vote; the next one is due in November this year. At the previous vote in November 2012, the group's investment strategy was changed, such that no new investments are to be made, except in existing projects. Net realisations will also be returned to shareholders. Given the fact that the shares are trading at a significant discount to book value (50¢ against 90¢), VinaLand's chairman Michel Casselman bought 350,000 shares at 52¢ each, taking his holding to 1.27m shares. In addition, director Charles Isaac bought 400,000 shares at 51.9¢, taking his holding to 624,000 shares.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Amerisur Resources | Giles Clarke (ch) | 10 Apr 15 | 198,451 | 25.18 | 49,970 | 16,755,227 | 1.577 |
| Amerisur Resources | George Woodcock | 10 Apr 15 | 145,000 | 25 | 36,250 | 1,500,000 | 0.141 |
| Amerisur Resources | George Woodcock | 10 Apr 15 | 79,000 | 24 | 18,960 | 1,355,000 | 0.128 |
| Arian Silver Corp | James Williams (ce) | 13 Apr 15 | 20,000 | 30.65 | 6,129 | 500,000 | 1.475 |
| BATM Advanced Communications | Dr. Zvi Marom (ce) | 15 Apr 15 | 250,000 | 12.5 | 31,250 | 94,144,500 | 23.352 |
| Carr's♥ | John Worby | 14 Apr 15 | 25,000 | 155.7 | 38,925 | 25,000 | 0.028 |
| Charles Taylor* | David Watson | 09 Apr 15 | 4,285 | 155 | 6,642 | 14,285 | 0.022 |
| Charles Taylor* | Edward Creasy | 09 Apr 15 | 1,839 | 155 | 2,850 | 6,130 | 0.009 |
| Charles Taylor* | Mark Keogh | 09 Apr 15 | 10,000 | 155 | 15,500 | 10,000 | 0.015 |
| Charles Taylor* | Rupert Robson (ch) | 09 Apr 15 | 8,782 | 155 | 13,612 | 78,219 | 0.119 |
| Charles Taylor* | Damian Ely | 09 Apr 15 | 24,618 | 155 | 38,158 | 82,064 | 0.125 |
| Charles Taylor* | Barnabas Hurst-Bannister | 09 Apr 15 | 8,150 | 155 | 12,633 | 8,150 | 0.012 |
| Charles Taylor* | David Marock (ce) | 09 Apr 15 | 158,034 | 155 | 244,953 | 620,362 | 0.943 |
| Concurrent Technologies | David Evans-Hughes | 09 Apr 15 | 8,755 | 45 | 3,940 | 948,206 | 1.306 |
| Dunedin Enterprise Investment Trust | Duncan Budge (ch) | 09 Apr 15 | 20,000 | 340.98 | 68,196 | 35,900 | 0.172 |
| Ferrexpo | Bert Nacken | 14 Apr 15 | 20,000 | 67.7 | 13,540 | 20,000 | 0.003 |
| Frontier IP* | David Cairns | 13 Apr 15 | 95,238 | 21 | 20,000 | 840,238 | 3.159 |
| Frontier IP* | Andrew Richmond (ch) | 13 Apr 15 | 100,000 | 21 | 21,000 | 1,000,000 | 3.759 |
| Frontier IP* | Mike Bourne | 13 Apr 15 | 95,238 | 21 | 20,000 | 270,238 | 1.016 |
| Frontier IP* | Neil Crabb (ce) | 13 Apr 15 | 119,048 | 21 | 25,000 | 2,834,168 | 10.654 |
| Henderson Global Trust | Dr. Lance Moir | 15 Apr 15 | 1,800 | 414.96 | 7,469 | 12,883 | 0.034 |
| Hutchison China Meditech | Simon To (ch) | 15 Apr 15 | 28,000 | 1,585 | 443,800 | 180,000 | 0.339 |
| Hutchison China Meditech | Simon To (ch) | 10 Apr 15 | 25,000 | 1,421.50 | 355,375 | 152,000 | 0.286 |
| KBC Advanced Technologies♥ | Oliver Scott | 10 Apr 15 | 65,000 | 97.27 | 63,225 | 10,552,550 | 12.869 |
| Lowland Investment CoΩ | Karl Sternberg | 10 Apr 15 | 600 | 1,328.26 | 7,970 | 5,060 | 0.019 |
| Majestic Wine | Ian Harding | 10 Apr 15 | 3,000 | 299.65 | 8,990 | 8,000 | 0.011 |
| Majestic Wine | Phil Wrigley (ch) | 14 Apr 15 | 10,000 | 356.5 | 35,650 | 10,000 | 0.014 |
| Michelmersh Brick | Frank Hanna | 09 Apr 15 | 21,985 | 68 | 14,950 | 1,250,000 | 1.546 |
| Petro Matad | Ridvan Karpuz | 10 Apr 15 | 70,000 | 6.2 | 4,340 | 690,788 | 0.247 |
| PureCircle | P E Selway-Swift (ch) | 10 Apr 15 | 3,000 | 489.51 | 14,685 | 210,800 | 0.124 |
| PureCircle | William Mitchell | 10 Apr 15 | 3,000 | 500 | 15,000 | 939,540 | 0.553 |
| PureCircle | William Mitchell | 10 Apr 15 | 3,000 | 500 | 15,000 | 942,540 | 0.555 |
| Rotala | Simon Dunn (ce) | 15 Apr 15 | 17,721 | 62 | 10,987 | 1,382,355 | 3.602 |
| Scottish American Investment Co (The) | Lord Kerr of Kinlochard GCMG | 10 Apr 15 | 6,036 | 251.25 | 15,165 | 131,607 | 0.099 |
| Severfield | Alun Griffiths | 14 Apr 15 | 20,000 | 65.91 | 13,182 | 20,000 | 0.007 |
| Standard Life | Elizabeth Noel Harwerth | 09 Apr 15 | 1,893 | 472 | 8,935 | 10,074 | 0.001 |
| SVG Capital | David Robins | 10 Apr 15 | 3,000 | 514.99 | 15,450 | 7,000 | 0.004 |
| Synety | Allan Ward | 10 Apr 15 | 28,075 | 89.05 | 25,001 | 234,870 | 1.936 |
| Synety* | Paul Williams | 09 Apr 15 | 22,200 | 90 | 19,980 | 74,057 | 0.610 |
| Synety* | Paul Williams | 09 Apr 15 | 10,000 | 90 | 9,000 | 74,057 | 0.610 |
| Synety* | Dr George Oehm | 09 Apr 15 | 15,000 | 90 | 13,500 | 15,000 | 0.124 |
| Synety* | Mark Seemann (ce) | 09 Apr 15 | 40,300 | 90 | 36,270 | 916,377 | 7.554 |
| Synety* | Simon Cleaver (ch) | 09 Apr 15 | 56,812 | 90 | 51,131 | 374,066 | 3.084 |
| VinaLand | Charles Isaac | 10 Apr 15 | 400,000 | 34.8 | 139,200 | 624,000 | 0.144 |
| VinaLand | Michel Casselman (ch) | 13 Apr 15 | 350,000 | 34.8 | 121,800 | 1,270,500 | 0.294 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Al Noor Hospitals♥† | Khaldoun Haj Hasan | 14 Apr 15 | 23,373,242 | 924.04 | 215,977,498 | 0 | 0.000 |
| CVS | Simon Innes (ce) | 09 Apr 15 | 300,000 | 555 | 1,665,000 | 246,475 | 0.416 |
| Gemfields | Devidas Shetty | 15 Apr 15 | 100,000 | 59.75 | 59,750 | 0 | 0.000 |
| Howden Joinery | Mark Robson (cfo) | 13 Apr 15 | 137,453 | 465.1 | 639,294 | 2,329,035 | 0.357 |
| Howden Joinery ♥ | Mark Robson (cfo) | 13 Apr 15 | 482,434 | 462.8 | 2,232,705 | 1,846,601 | 0.283 |
| Maintel | Dale Todd (fd) | 15 Apr 15 | 10,000 | 640 | 64,000 | 37,397 | 0.347 |
| Michelmersh Brick | Frank Hanna | 10 Apr 15 | 183,400 | 67.7 | 124,162 | 1,066,600 | 1.313 |
| Michelmersh Brick ♥ | Frank Hanna | 10 Apr 15 | 16,600 | 67.7 | 11,238 | 1,050,000 | 1.293 |
| Nichols | Peter Nichols (ch) | 13 Apr 15 | 30,000 | 1,190 | 357,000 | 2,030,000 | 5.491 |
| *Placing/tender/open offer ♥Spouse/connected party ΩIsa/Sipp/trust †Stake of private equity firm Ithmar Capital | |||||||
