Proposed liquidation and cancellation

    RNS Number : 7353I
  SGL Vietnam Development Limited
  24 November 2008
   


    SGL Vietnam Development Limited (the 'Company')

    Proposed member voluntary liquidation of the Company and cancellation of admission to AIM

    Further to the strategic review update issued on 28 October 2008, the Board announces that, following a review of the potential options
available to the Company and in light of the particularly stressed market conditions, it has decided that the interests of shareholders are
best served by a voluntary liquidation of the Company and cancellation of the Company's admission to trading on AIM. This would result in a
realisation of the Company's assets and a return of these funds to shareholders. The Board have had discussions with certain major
shareholders who have stated overriding support for a distribution of funds and a liquidation.

    This process is subject to shareholder approval at a General Meeting, the details of which will be notified in the near term. 

    Background to the proposed member voluntary liquidation of the Company and cancellation of admission to trading on AIM

    Having carefully considered the matter for some time and having consulted with certain major shareholders, the Board has concluded that
it is no longer appropriate for the Company to continue trading.

    As announced on 15 August 2008, the Board has considered several options, including whether sufficient and suitable investment
opportunities exist for it to continue to follow its current investment strategy in Vietnam, and whether a form of business combination
under a potentially broader investment strategy was appropriate.

    The Board has considered, having discussed with certain major shareholders, whether there was a reasonable prospect to satisfy the
Company's investment objective in the short term, given the current economic outlook in Vietnam, the size of the Company, the difficulty in
the foreseeable future for the Company to raise additional funds and its resultant expense ratio, the costs necessarily required to maintain
a public quote and the likely concentration risk of any investment.

    Recommendation

    The Board considers that the proposal to liquidate the Company and to cancel the Company's shares from admission to AIM is in the best
interests of shareholders as a whole and, excluding the non independent director, unanimously recommend Shareholders to vote in favour of
the resolutions to be proposed at the General Meeting. The Board have had discussions with certain major shareholders who have stated
overriding support for a distribution of funds and a liquidation.

    A circular is expected to be posted to all shareholders in the near term and will contain a formal notice convening the General
Meeting.

    The resolution to cancel admission to trading on AIM requires the approval of 75 per cent. of those present and entitled to vote at the
meeting or voting by proxy. If approved, it is anticipated that trading in the Ordinary Shares on AIM will cease on or around 23 December
2008.

    The circular will also be made available on the Company's website: http://www.sglvietnam.com/. 



    For further information, please contact:

    Collins Stewart
    Adrian Hadden, Stewart Wallace: +44 (0)20 7523 8350

This information is provided by RNS
The company news service from the London Stock Exchange
 
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