Sale of China Gerui Advanced Materials Group (9658I)
23 Junio 2011 - 1:00AM
UK Regulatory
TIDMVOC
RNS Number : 9658I
Vision Opportunity China Fund Ltd
23 June 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR
JAPAN
23 June 2011
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Sale of China Gerui Advanced Materials Group Limited
Vision Opportunity China Fund Limited (AIM: VOC.L) today reports
that it has sold all shares of common stock held by it in China
Gerui Advanced Materials Groups Limited ("China Gerui")
(NASDAQ:CHOP) through a series of on-market transactions. China
Gerui is a leading niche and high value-added steel processing
company that manufactures and sells specialty steel products in
China.
The shares of common stock were previously acquired on 7 June
2010 for $7.0 million, or $5.70 per share, as part of an $18.8
million financing by private placements. No dividends were paid on
the shares during VOC's ownership. The total sale proceeds of
approximately $4.3 million in cash, or at an average price of $3.50
per share, resulted in a realised loss of $2.7 million. The sale
has no material impact on NAV. The net proceeds will be held in
cash pending distribution to shareholders.
For further information, please contact:
Vision Opportunity China Fund Limited Tel: +1 (212) 849 8225
David Benway / Adam Benowitz
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 is a closed-ended 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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