Pacific Alliance China Land Limited Share Purchase Programme (2797W)
December 23 2013 - 11:41AM
UK Regulatory
TIDMPACL
RNS Number : 2797W
Pacific Alliance China Land Limited
23 December 2013
23 December 2013
Pacific Alliance China Land Limited
Share Purchase Programme
Pacific Alliance China Land Limited ("PACL" or the "Company")
(AIM: PACL) has today announced the Company will undertake a share
buy-back programme ("Share Purchase Programme") 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 (UK)
Limited ("Rothschild Securities") to manage the irrevocable,
non-discretionary Share Purchase Programme from 23 December 2013 to
23 March 2014. The Share Purchase Programme will commence prior to
the Company's next close period, which runs from 1 January 2014
ahead of the announcement of the Company's unaudited Net Asset
Value per Share for the month of December 2013.
Rothschild Securities will seek to acquire shares of the Company
in the market and attempt to place them with new and existing
investors. 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$5.0 million of said shares as part of the ongoing Share Purchase
Programme at the same consideration as they were acquired in the
market.
During close periods that fall within the duration of the Share
Purchase Programme, which will include the two month close period
ahead of the publication of the Company's audited financial results
for the fiscal year ended 31 December 2013, the Company and its
directors will have no power to invoke any changes to the programme
and purchases will be executed 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;
-- The SPS shall be prohibited from purchasing Company shares
during 'close periods' (as described in the AIM Rules for
Companies), without a derogation granted by the London Stock
Exchange;
-- 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; and
-- 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
Edmond de Rothschild Securities Grant Thornton UK LLP
(UK) Limited Tel: (44) 20 7383 5100
Tel: (44) 20 7845 5960 Philip.J.Secrett@uk.gt.com
funds@lcfr.co.uk
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$308.78 million
as at 30 November 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 340 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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