The board of Vietnam Enterprise Investments (VEIL) trust has set out plans to introduce a five-year performance-related 100% conditional tender offer in recognition of the discount to net asset value (NAV) at which the trust’s shares have been trading.
According to a stock exchange notice today (7 March), the conditional tender offer will be based on the trust's net asset value (NAV) total return underperforming against its reference index, which is currently the Vietnam Ho Chi Minh Stock index (VN index), over the five-year period to 31 March 2030. While the board said it "has confidence" that the trust's investment manager will be able to outperform the index over the coming five years, if the performance falls below this index, shareholders will be able to realise up to 100% of their interests in the vehicle. Baillie Gifford Ch...
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