LOS ANGELES and FRANKFURT, Germany, Dec. 28, 2009 (GLOBE NEWSWIRE) -- PHIGroup, Inc. (OTCBB:PHIE) (Frankfurt:PR7) (XETRA:PR7) (WKN A0RNQV), a company engaged in the development and management of real estate properties, mining interests and consulting, merger and acquisition advisory services, today provides an update on the special dividend distribution of Philand Ranch Limited stock (Frankfurt:1P8) (XETRA:1P8) to the company's eligible shareholders of record.
All PHIGroup, Inc. shareholders who own a minimum of two hundred (200) shares of the company's common stock as of the December 31, 2009 record date will be eligible for the special dividend distribution.
PHIGroup currently holds approximately 18.6 million shares of ordinary stock of Philand Ranch Limited, a company listed on the Frankfurt Stock Exchange, and will distribute up to one million of these shares on a pro rata basis to eligible shareholders of PHIGroup, Inc. For every 200 shares owned of PHIGroup, shareholders will receive one share of Philand Ranch. The dividend shares will be free trading, rounded down to the nearest integer without fractional shares, and delivered to PHIGroup eligible shareholders without any action on the part of the shareholders. The payment is expected to occur by June 30, 2010 or sooner after Philand Ranch stock is effective for trading in the U.S.
Philand Ranch has been working with a leading international depositary bank to make its shares available as American Depository Receipts (ADR's) in the U.S. and provide an opportunity for North American investors to more easily participate in the growth of Vietnam and Southeast Asian economies. The ADR establishment process is expected to take about six weeks to complete. Philand Ranch also plans to list its shares on a senior U.S. exchange as soon as possible.
PHIGroup Chairman and CEO Henry Fahman, said, "We are delighted to distribute this special dividend in Philand Ranch to our eligible shareholders and intend to make additional special dividends from our various portfolio companies in the near future."
About PHIGroup, Inc.
PHIGroup develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing Philand Ranch, one of the largest master planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam. PHIGroup is also engaged in mining in Southeast Asia and Haiti (PHIMining Group, Inc.) (Pink Sheets:PHIG) (www.phimining.com). Website: www.phiglobal.com.
About Philand Ranch Ltd.
Philand Ranch Limited, a majority-owned subsidiary of PHIGroup, Inc., is engaged in the development of real estate, hospitality and master-planned community properties in Vietnam and the growing economies of Southeast Asia. The company is currently developing the first phase of a multi-billion dollar project at Pointe91 in Bien Rang, Chu Lai, Quang Nam Province, Central Vietnam through its wholly owned Vietnam-based subsidiary Philand Vietnam Ltd. Philand Ranch's stock is traded on the Frankfurt Stock Exchange:1P8.F and Xetra:1P8.DE; WKN A0RPEA. Website: www.philandranch.com.
About Pointe91
Located on an exclusive and majestic bluff overlooking the South China Sea with rocky shores that extend to the north and sandy beaches southward, the 118-acre Pointe91 is encompassed by a diverse topography and will grow to an eventual 300 contiguous acres. Pointe91 will offer exclusive luxury accommodations including 227 grand private residences in seven separate communities, an exclusive five-star beach hotel and spa with 180 rooms and 30 detached premium residences that will be part of a private residence club.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.