Pacific Alliance China Land Limited Result of Tender Offer (4353R)
November 19 2012 - 5:32AM
UK Regulatory
TIDMPACL
RNS Number : 4353R
Pacific Alliance China Land Limited
19 November 2012
19 November 2012
Pacific Alliance China Land Limited
Result of Tender Offer
Pacific Alliance China Land Limited ("PACL" or the "Company")
(AIM: PACL) the closed-end investment company admitted to trading
on AIM and focused on investing in a portfolio of investments in
existing properties, new developments, distressed projects and real
estate companies in Greater China, today announces the result of
its Tender Offer.
The Tender Offer closed on Friday, 16 November 2012 and
3,710,951 of the Company's ordinary shares, representing
approximately 2.73 per cent. of the Company's ordinary shares in
issue and eligible to be tendered, have been accepted for
repurchase by the Company's wholly-owned subsidiary, PACL Trading
Limited, at a tender price of US$2.16 per share. Settlement is
expected to take place on 26 November 2012.
A total of 94,171,438 of the Company's ordinary shares were
tendered in the Tender Offer of which 2,866,947 ordinary shares
were tendered as part of the Basic Entitlement (as defined in the
Tender Offer Circular dated 17 October 2012) and 91,304,491
ordinary shares were tendered as Excess Shares (as defined in the
Tender Offer Circular dated 17 October 2012).
A total of 844,004 Excess Shares were accepted pro rata from all
shareholders that tendered Excess Shares.
Following the repurchase of the 3,710,951 ordinary shares, the
Company will have a total of 189,833,893 ordinary shares in issue,
of which 57,612,579 will be held to effectively replicate a
treasury share facility by PACL Trading Limited.
Background
On its admission to AIM in November 2007, the Company's
Admission Document indicated that PACL would provide a regular
level of income in the form of a dividend up to an annual yield of
6 per cent of Net Asset Value. At an extraordinary general meeting
held on 2 March 2009, a special resolution was passed authorising
the Company to increase this annual yield to 12 per cent. of Net
Asset Value.
On 7 February 2011, the Company announced that to facilitate the
Company's investment strategy going forward, and following advice
from its Investment Manager, the Board of Directors had modified
the Company's distribution policy to match distributions to
shareholders with ordinary course realisations in order to maximise
returns, instead of liquidating an investment primarily to fund a
distribution. The modified policy requires that each distribution
represent 50 per cent. of the Company's net realised profit of a
fully realised investment. The returned principal plus the balance
of the net realised profit is made available for reinvestment by
the Company.
For further information, please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot, Managing Jon Lewis, General Counsel
Partner PAG
Pacific Alliance Real 15/F, AIA Central
Estate Limited 1 Connaught Road
15/F, AIA Central Central, Hong Kong
1 Connaught Road T: (852) 2918 0088
Central, Hong Kong F: (852) 2918 0881
T: (852) 2918 0088 jlewis@pagasia.com
F: (852) 2918 0881
pboot@pagasia.com
-------------------------- ----------------------------
BROKER: NOMINATED ADVISER:
Hiroshi Funaki Philip Secrett
LCF Edmond de Rothschild Grant Thornton Corporate
Securities Finance
T: (44) 20 7845 5960 T: (44) 20 7383 5100
F: (44) 20 7845 5961 Philip.J.Secrett@uk.gt.com
funds@lcfr.co.uk
-------------------------- ----------------------------
MEDIA RELATIONS:
Stephanie Barry
PAG
T: (852) 3719 3375
sbarry@pagasia.com
-------------------------- ----------------------------
About Pacific Alliance China Land Limited
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a
closed-end investment company with net assets of US$294.9 million
as at 31 October 2012. PACL was admitted to trading on the AIM
Market of the London Stock Exchange in November 2007. PACL is
focused on investing in a portfolio of existing properties, new
developments, distressed projects and real estate companies in
Greater China.
For more information about PACL, please visit:
www.pacl-fund.com
Pacific Alliance China Land Limited is a member of PAG (formerly
known as Pacific Alliance Group), the Asian alternative investment
fund management group. Founded in 2002, PAG is now one of the
region's largest Asia-focused alternative investment managers, with
funds under management across Private Equity, Real Estate and
Absolute Return strategies.
PAG has a presence across Asia with over 320 staff working in
the region.
For more information about PAG, please visit:
www.pagasia.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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