Pacific Alliance China Land Limited Share Purchase Program (7748R)

TIDMPACL

RNS Number : 7748R

Pacific Alliance China Land Limited

22 November 2012

Pacific Alliance China Land Limited

Share Purchase Program

Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL) has today announced the Company will undertake a Share Purchase program as part of efforts to reduce the current discount between the share price and the net asset value per share.

In accordance with the Company's Share Purchase Policy, the Company will use its wholly-owned subsidiary, PACL Trading Limited (the "Share Purchase Subsidiary" or "SPS") to repurchase up to USD$10 million of PACL's ordinary shares at market price in order to effectively replicate a treasury share facility. In light of the current share price, the Investment Manager believes the Share Purchase should enhance returns to shareholders.

The Share Purchase, which will be executed by the Company's brokers, LCF Edmond de Rothschild, will commence on 1 December 2012.

PACL Share Purchase Policy

The following policies apply to the all purchases of the Company's ordinary shares by the SPS:

   --     All purchases will be funded by way of intra-group loans from the Company.

-- All purchases shall be made at market prices below the last announced net asset value per share.

-- The purchase price may not exceed the higher of (i) five per cent. above the volume weighted average price of the Company's ordinary shares for the five (5) business days before the purchase is made, or (ii) the higher of the price of the last independent trade and the highest current independent bid at the time of purchase.

-- The maximum number of the Company's shares that may be purchased in any 12 month period is 25 per cent of the Company's issued share capital, from time to time.

-- If possible, all sales shall be made at a premium to the last announced net asset value per share, and sales at a discount to the prevailing net asset value per share may only be made with the prior approval of the Board.

-- The SPS must dispose of all Company ordinary shares held before the Company can raise additional funds through the offer and sale of new shares.

-- The maximum number of Company shares that can be sold by the SPS in any 12 month period is 25 per cent of the Company's issued share capital, from time to time. This limit can be exceeded only with the prior express approval of the Board.

-- The SPS shall be prohibited from purchasing or selling Company ordinary shares during 'close periods' (as described in the AIM Rules for Companies).

-- The SPS shall not exercise the voting rights attaching to Company ordinary shares held by it, from time to time.

-- The SPS shall waive the right to receive all dividends or other distributions in relation to ordinary shares held by it, from time to time.

-- The Company will promptly announce to the market all purchases and sales of all Company ordinary shares by the SPS without delay.

For further information please contact:

 
 MANAGER:                          LEGAL COUNSEL: 
  Patrick Boot, Managing Partner    Jon Lewis, Group General 
  Pacific Alliance Real Estate      Counsel 
  Limited                           PAG 
  T: (852) 2918 0088                T: (852) 2918 0088 
  pboot@pagasia.com                 jlewis@pagasia.com 
 BROKER:                           NOMINATED ADVISER: 
  Hiroshi Funaki                    Philip Secrett 
  LCF Edmond de Rothschild          Grant Thornton Corporate 
  Securities                        Finance 
  Tel: (44) 20 7845 5960            Tel: (44) 20 7383 5100 
  funds@lcfr.co.uk                  Philip.J.Secrett@uk.gt.com 
 MEDIA RELATIONS: 
  Stephanie Barry 
  PAG 
  T: (852) 3719 3375 
  sbarry@pagasia.com

Notes to Editors:

About Pacific Alliance China Land Limited

Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company with net assets of USD 294.6 million as at 30 September 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: http://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

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