Pacific Alliance China Land Limited Share Purchase Program (1614I)
June 28 2013 - 9:10AM
UK Regulatory
TIDMPACL
RNS Number : 1614I
Pacific Alliance China Land Limited
28 June 2013
28 June 2013
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 pursuant to the Share Purchase Policy adopted by
the Company's Board of Directors on 23 June 2008.
The Company has appointed Edmond de Rothschild Securities
("Rothschild Securities") to manage an irrevocable,
non-discretionary share buy-back programme from 1 July 2013 to 28
September 2013. Rothschild Securities will seek to acquire shares
of the Company in the market and attempt to place them with new and
existing investors, at the same consideration that Rothschild
Securities acquired them. In the event that Rothschild Securities
is unable to find investors to purchase some or all of said shares,
the Company's wholly-owned subsidiary, PACL Trading Limited (the
"Share Purchase Subsidiary" or "SPS"), will repurchase up to a
maximum of US$7,600,000 of said shares as part of the ongoing Share
Purchase Program at the same consideration as they were acquired in
the market. During this period the Company and its directors will
have no power to invoke any changes to the Share Buyback Program
and it is being done at the sole discretion of Rothschild
Securities.
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
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 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 shares during 'close periods' (as described in the AIM
Rules for Companies).
-- The SPS shall not exercise the voting rights attaching to
Company shares held by it, from time to time.
-- The SPS shall waive the right to receive all dividends or
other distributions in relation to shares held by it, from time to
time.
-- The Company will promptly announce to the market all
purchases and sales of all Company shares by the SPS without
delay.
For further information please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot, Managing Partner Jon Lewis, Group General Counsel
Pacific Alliance Real Estate 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 Securities Grant Thornton UK LLP
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 US$301.36 million
as at 31 May 2013. 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
END
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