For immediate release on 27 May 2009
INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED
("ICV" or the "Company")
Board changes
At the time of publication of the Company's 2008 annual report and
accounts, Mr Miles Morland announced his intention to step down as
Chairman. The Board today announces that Mr Morland has now tendered
his resignation as Chairman and non-executive director. The
Nominating and Remuneration Committee unanimously recommended that
Gordon Lawson, an existing non-executive director of the Company, be
appointed as his successor with immediate effect. The Board, acting
on this recommendation elected Mr Lawson as Chairman, effective
immediately.
On 1 April 2009 the Company announced that it intended to invite
shareholder representatives to the Board. The Board is now pleased to
confirm that Eric Brock and Eitan Milgram have been appointed
non-executive directors with immediate effect.
Eric A. Brock is a partner and portfolio manager at Clough Capital
Partners, LP ("Clough Capital"), a Boston-based investment advisor he
helped found in 2000. Mr. Brock began his career as a CPA with Ernst
& Young and he also spent several years as a leveraged finance
investment banker with Bear Stearns & Co. Mr. Brock has more than 15
years experience in equity research, investment banking and
accounting in a broad array of industries. Mr. Brock holds an MBA
from the University of Chicago and a Bachelor's Degree in Accounting
from Boston College. Clough Capital currently holds 1,500,000
ordinary shares in the Company, representing 3.3% per cent. of the
issued share capital.
Eitan Milgram has worked at Weiss Capital LLC ("Weiss Capital") since
April 2000 as a Portfolio Manager, Head of Trading and Head of
Operations. He is currently Executive Vice President of Weiss
Capital. He graduated Summa Cum Laude from Boston University where he
won the Prize for Excellence in Economics. Mr Milgram has served on
the board of directors of seven publicly traded corporations,
including Investec European Growth and Income, Morley Absolute Growth
and Premier Asian Asset Trust and has advised numerous corporations
on reorganisations and restructurings. Funds managed by Weiss Capital
currently hold 10,934,687 ordinary shares in the Company,
representing 24.0 per cent. of the issued share capital.
Gordon Lawson commented: "On behalf of the Board I wish to thank
Miles for his invaluable contribution as Chairman since the Company's
launch in March 2007. I also welcome both Eric and Eitan to the board
and look forward to working with them."
Miles Morland added: "I am stepping down as Chairman and a Board
member with great regret as my involvement with the Fund has given me
an extraordinary opportunity to be involved with one of the most
exciting countries in the world. Unfortunately, I have an
increasingly busy day job which simply does not give me the time that
is needed to devote to the Fund. I know Gordon Lawson well and know
that he will make an outstanding Chairman. The next few months will
involve difficult decisions for the Board and Gordon will take those
with the interests of all the shareholders being protected. I shall
remain an enthusiastic shareholder in the Fund and look forward to
participating in the growth of Vietnam through it".
For further information please contact:
Indochina Capital Advisors Limited +84 8 3910 1525
Beat Schuerch
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Hannah Pearce
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
