Repurchase and Cancellation of Shares
June 30 2008 - 10:43AM
UK Regulatory
Repurchase and Cancellation of Shares
30 June 2008
Pacific Alliance China Land Limited
Repurchase and Cancellation of Shares
Pacific Alliance China Land Limited ("the Company" or "PACL")
announces that further to the notification of 27 June 2008 disclosing
the Company's transaction in own shares, the Company has repurchased
and cancelled the 1,000,000 ordinary shares of US$0.01 each at
US$0.885 per share. In light of the current share price, the
Investment Manager believes the cancellation should enhance returns
to shareholders. In the future, the Company intends to repurchase and
cancel shares when shares are trading at a significant discount to
NAV and cancellation should result in a significant accretion in NAV
per share.
As a result of this transaction, the Company no longer holds any
ordinary shares through its wholly-owned subsidiary. The total number
of Ordinary Shares in issue, and therefore the total number of voting
rights in the Company, is 399,000,000.
For more information please contact:
+-------------------------------------------------------------------+
| MANAGER: | LEGAL COUNSEL: |
| Chris Gradel, Managing Partner | Jon Lewis, General Counsel |
| Pacific Alliance Group | Pacific Alliance Group |
| 16/F St. John's Building | 16/F St. John's Building |
| 33 Garden Road | 33 Garden Road |
| Central, Hong Kong | Central, Hong Kong |
| Tel: +852 29180088 | Tel: +852 29180088 |
| Fax: +852 29180881 | Fax: +852 29180881 |
| cgradel@pacific-alliance.com | jlewis@pacific-alliance.com |
| | |
|-------------------------------------+-----------------------------|
| BROKER: | NOMINATED ADVISER: |
| Hiroshi Funaki | Philip Secrett |
| LCF Edmond de Rothschild Securities | Grant Thornton UK LLP |
| Tel: +44 20 7845 5960 | Tel: +44 20 7383 5100 |
| Fax: +44 20 7845 5961 | Philip.J.Secrett@gtuk.com |
| funds@lcfr.co.uk | |
| | |
|-------------------------------------+-----------------------------|
| MEDIA RELATIONS: | |
| | |
| Pacific Alliance Group | |
| Sophie Hoggarth | |
| Pacific Alliance Group | |
| Tel: +86 21 61135818 | |
| shoggarth@pacific-alliance.com | |
| | |
| Financial Dynamics, London | |
| Christine Wood/David Cranmer | |
| Tel: +44 207 269 7100 | |
| | |
| Financial Dynamics, Asia | |
| Alastair Hetherington/Winnie Lo | |
| Tel: +852 3716 9800 | |
| | |
+-------------------------------------------------------------------+
About Pacific Alliance China Land Limited
Pacific Alliance China Land Limited (AIM:PACL) is a private equity
fund focused on investing in a portfolio of investments in existing
properties, new developments, distressed projects and pre-IPO and IPO
real estate companies in Greater China. The Company was admitted to
trading on the AIM Market of the London Stock Exchange and to listing
on the Channel Islands Stock Exchange in November 2007.
For more information, see www.pacl-fund.com
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