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28 November 2007
Fairfax closes $100m AiM IPO for Vision Opportunity China Fund
Fairfax I.S. PLC announces that it has successfully completed an AIM IPO raising $100 million by way of a placing of ordinary shares for Vision Opportunity China Fund Limited (the “Company”). 100,000,000 ordinary Shares of no par value were placed with investors at a placing price of $1 per ordinary share. The ordinary shares trade under the symbol LSE: VOC.
Fairfax I.S. PLC is acting as Nominated Adviser and Broker to the Company and as Financial Adviser and Broker in respect of the Placing.
The Company is a newly incorporated, Guernsey domiciled, closed-ended investment company which has been established to invest in companies whose operations are principally in Greater China.
Investment Objective
The Company’s investment objective is to provide Shareholders with an attractive return on their investment predominantly through capital appreciation. The Company, through its group structure (the “Group”), will primarily invest by negotiating direct investments in companies which are listed or soon to be listed on a stock exchange. The Group will primarily target investment into companies whose annual revenues are between $10 million and $100 million and whose net annual income is, or is projected by the potential investee company for the next financial year to reach between $1 million and $10 million. Such investments will typically provide investee companies with funding options which are not widely available in their local market. The Group expects the net proceeds of the placing to be fully invested within 12 months of Admission.
Investment Manager
Vision Capital Advisors (“VCA”), an SEC registered investment adviser with $500 million under management as at 1 September 2007, will act as the Company's investment manager. VCA will be responsible for sourcing investment opportunities for the Company and, within certain limits, will have discretionary management of the Company’s investment portfolio.
Placing Statistics:
Listing Exchange: AIM
Listing Date: 28 November 2007
Funds raised: $100,000,000
Nomad & Broker: Fairfax I.S.PLC
Fairfax I.S. PLC is acting as Nominated Adviser and Broker to the Company and as Financial Adviser and Broker in respect of the Placing.
The Company is a newly incorporated, Guernsey domiciled, closed-ended investment company which has been established to invest in companies whose operations are principally in Greater China.
Investment Objective
The Company’s investment objective is to provide Shareholders with an attractive return on their investment predominantly through capital appreciation. The Company, through its group structure (the “Group”), will primarily invest by negotiating direct investments in companies which are listed or soon to be listed on a stock exchange. The Group will primarily target investment into companies whose annual revenues are between $10 million and $100 million and whose net annual income is, or is projected by the potential investee company for the next financial year to reach between $1 million and $10 million. Such investments will typically provide investee companies with funding options which are not widely available in their local market. The Group expects the net proceeds of the placing to be fully invested within 12 months of Admission.
Investment Manager
Vision Capital Advisors (“VCA”), an SEC registered investment adviser with $500 million under management as at 1 September 2007, will act as the Company's investment manager. VCA will be responsible for sourcing investment opportunities for the Company and, within certain limits, will have discretionary management of the Company’s investment portfolio.
Placing Statistics:
Listing Exchange: AIM
Listing Date: 28 November 2007
Funds raised: $100,000,000
Nomad & Broker: Fairfax I.S.PLC