VinaCapital Vietnam Opportunity Fund Limited Completes Repurchase of 15,539 Shares, Expanding Treasury Stock Holdings

Overview of VinaCapital Vietnam Opportunity Fund's Investment Strategy and Corporate Structure

VinaCapital Vietnam Opportunity Fund Limited is a non-cellular company incorporated in the Bailiwick of Guernsey under The Companies (Guernsey) Law, 2008, registered under number 61765. It operates as a closed-ended investment scheme authorised by the Guernsey Financial Services Commission, governed by The Protection of Investors (Bailiwick of Guernsey) Law, 2020, and adheres to the Registered Collective Investment Scheme Rules. This regulatory framework positions the Company as a structured investment vehicle focused on Vietnamese market opportunities.

The fund’s closed-ended structure enables it to maintain a fixed capital pool invested in Vietnam rather than managing continuous share issuance or redemption typical of open-ended funds. Its registered office is located at Les Echelons Court, Les Echelons, St Peter Port, Guernsey, Channel Islands, with investment management services provided by VinaCapital Investment Management Limited, which operates locally in Vietnam to directly oversee the portfolio.

Details of the 24 July 2026 Share Buyback Transaction

On 24 July 2026, VinaCapital Vietnam Opportunity Fund Limited repurchased 15,539 ordinary shares of USD 0.01 denomination at GBP 4.175938 per share. These shares remain designated as USD shares within the Company’s capital and will be held in treasury rather than cancelled, allowing flexibility for future capital management decisions. Holding treasury shares rather than cancelling them permits the Company to redeploy or cancel shares at its discretion.

The purchase price reflects the market valuation assessed by the investment manager as delivering value for existing shareholders. Share buybacks at attractive prices can enhance earnings per share by reducing the number of shares outstanding. The timing and pricing of such repurchases are determined by the board and investment manager based on net asset value and market conditions.

Treasury Shares and Shares in Issue Following the Repurchase

Following the transaction on 24 July 2026, treasury share holdings increased to 6,793,681 USD shares. These represent shares repurchased from the market and retained by the Company rather than permanently cancelled, reflecting an ongoing capital management strategy.

The total shares in issue excluding treasury shares now stand at 120,285,842 USD shares. This figure represents the shares held by shareholders with voting rights and serves as the denominator for FCA Disclosure Guidance and Transparency Rules calculations. This distinction is crucial for shareholders and investors to accurately determine voting rights and disclosure obligations.

Regulatory Disclosure Denominator and Shareholder Compliance

From 24 July 2026, the total voting rights in VinaCapital Vietnam Opportunity Fund Limited amount to 120,285,842 shares. The Company has designated this figure as the denominator shareholders should use to calculate their percentage holdings for FCA Disclosure Guidance and Transparency Rules notifications. These regulations apply to securities traded on regulated UK markets or equivalent exchanges and require shareholders to disclose changes when crossing specified voting rights thresholds.

Investors building positions in the Fund must use this denominator to ensure compliance with UK market regulations. Notifications are required when holdings cross thresholds such as 3%, 5%, or 10%. The Company’s clear communication of this voting rights figure supports transparency and helps shareholders meet their regulatory obligations, avoiding inadvertent breaches.

Capital Management Strategy Evidenced by Ongoing Share Repurchase Programme

The recent repurchase of 15,539 shares at GBP 4.175938 each continues VinaCapital Vietnam Opportunity Fund’s capital management approach. Retaining shares as treasury stock rather than cancelling them provides flexibility to manage the capital base and respond to future investment or shareholder return needs. The accumulation of 6,793,681 treasury shares indicates a sustained buyback programme executed when share prices were attractive relative to net asset value.

Shareholders may benefit from potential earnings per share enhancement and management’s confidence in the investment case. However, they should also consider alternative uses of capital such as new investments, dividends, or liquidity. The attractiveness of buybacks depends on market conditions, investment opportunities in Vietnam, and the board’s capital allocation priorities.

Role of VinaCapital Investment Management in Fund Operations and Investor Relations

VinaCapital Investment Management Limited provides investment management services and handles investor relations and communications. Joel Weiden serves as Investment Manager for Investor Relations and Communications and is the primary contact for shareholder inquiries. The firm’s Vietnam-based operations enable direct portfolio management and engagement with local market developments. Contact number: 84 28 3821 9930.

This structure reflects the specialised nature of Vietnamese investing, requiring local expertise and regulatory familiarity. Administrative functions are provided by NSM Funds Limited in the Channel Islands, separating investment management from company secretarial and administrative services.

Administrative Support and Regulatory Governance for the Fund

NSM Funds Limited acts as Company Secretary and Administrator, providing statutory compliance, regulatory reporting, shareholder record-keeping, and governance coordination from Guernsey. The Fund is authorised by the Guernsey Financial Services Commission under LEI Number 2138007UD8FBBVAX9469, ensuring regulatory compliance within Guernsey’s framework.

The Fund operates under The Protection of Investors (Bailiwick of Guernsey) Law, 2020 and Registered Collective Investment Scheme Rules, which set standards for governance, asset protection, valuation, disclosure, and investor safeguards. These regulations apply regardless of UK or other exchange listings, providing investors with defined protections.

Vietnamese Market Context and Closed-Ended Fund Dynamics

VinaCapital Vietnam Opportunity Fund targets Vietnamese investment opportunities amid growing investor interest in emerging Asian markets. Vietnam’s economic growth, foreign direct investment inflows, and sectoral dynamism make it an attractive focus. Closed-ended funds provide concentrated regional exposure with professional management and regulatory oversight.

The Fund’s share repurchase programme aligns with closed-ended fund characteristics, where shares trade on exchanges and may deviate from net asset value. Buybacks are advantageous when shares trade at discounts, allowing repurchases below fair value. Conversely, share issuance is preferred when trading at premiums.

Investor Notification and Disclosure Obligations

The Company’s disclosure of voting rights denominator and treasury share holdings complies with Disclosure Guidance and Transparency Rules applicable to UK-listed or equivalent investment schemes. Announcements are disseminated via Investegate, ensuring equal access to material information and supporting market integrity.

Shareholders should monitor announcements regarding future buybacks, strategy changes, dividends, or portfolio shifts. Contact details for the investment manager and company secretary are provided to facilitate investor inquiries. Additional Fund information, including holdings and performance, is available at https://vof.vinacapital.com.