Pacific Alliance China Land Limited Share Purchase Program (7748R)
November 22 2012 - 3:39AM
UK Regulatory
TIDMPACL
RNS Number : 7748R
Pacific Alliance China Land Limited
22 November 2012
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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