Pacific Alliance China Land Limited US$20m Distribution through Share Repurchase (3604N)
July 25 2014 - 7:00AM
UK Regulatory
TIDMPACL
RNS Number : 3604N
Pacific Alliance China Land Limited
25 July 2014
25 July 2014
Pacific Alliance China Land Limited (AIM: PACL)
US$20m Distribution through Share Repurchase
Pacific Alliance China Land Limited ("PACL" or the "Company")
announces that it will distribute up to US$20m through a share
repurchase (the "Share Repurchase"), pursuant to the approval of
the Board's proposals at the EGM held today. The Company has
appointed Edmond de Rothschild Securities (UK) Limited
("Rothschild") to manage the Share Repurchase.
Timetable
The Repurchase Price will be announced on Monday 11 August.
Shares will be purchased on Friday 15 August. Shareholders wishing
to participate in the Share Repurchase should contact Rothschild
(details below) by 4pm UK time on Thursday 14 August to place an
order.
Investors will also be given the opportunity to buy shares from
selling shareholders at the Repurchase Price. Investors wishing to
buy shares should also contact Rothschild by 4pm UK time on
Thursday 14th August to place an order. If Rothschild receives
client orders to buy shares at the Repurchase Price, these orders
will be filled ahead of the Company's repurchase of shares.
Any outstanding sell orders will then be met by the Company's
Share Repurchase through its wholly-owned subsidiary, PACL Trading
Limited. To the extent that remaining sell orders exceed the
Company's Share Repurchase budget, these remaining sell orders will
be scaled back pro-rata.
If there is cash remaining from the Share Repurchase budget
following the execution of all sell and buy orders, this remaining
cash will be distributed through a future Share Repurchase or
another method to be determined by the Board.
Notes
The Repurchase Price will be set by Rothschild on 11 August and
the price to be paid per share shall not be more than the higher of
(i) 5% above the volume weighted average price of the shares for
the 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 Rothschild acquires the PACL
Shares.
The Company is about to enter a close period ahead of the
release of its 30 June 2014 Interim Results. The Company will
therefore be in a close period at the time of the Share Repurchase
and Rothschild has been instructed by the Company to manage the
irrevocable, non-discretionary Share Repurchase. No amendments may
be made to the trading instructions issued today and the Company
and its directors have no power to make any changes to the Share
Repurchase.
For more information, please contact:
Enquiries:
FINANCIAL ADVISER AND BROKER:
Andrew Davies
Hiroshi Funaki
Edmond de Rothschild Securities
T: (44) 20 7845 5960
funds@lcfr.co.uk
MANAGER:
Patrick Boot, Managing Partner
Pacific Alliance Real Estate Limited
15/F, AIA Central
1 Connaught Road
Central, Hong Kong
T: (852) 2918 0088
F: (852) 2918 0881
pboot@pagasia.com
NOMINATED ADVISER:
Philip Secrett
Grant Thornton UK LLP
T: (44) 20 7383 5100
Philip.J.Secrett@uk.gt.com
LEGAL COUNSEL:
Jon Lewis, General Counsel
PAG
15/F, AIA Central
1 Connaught Road
Central, Hong Kong
T: (852) 2918 0088
F: (852) 2918 0881
jlewis@pagasia.com
MEDIA RELATIONS:
Stephanie Barry
PAG
T: (852) 3719 3375
sbarry@pagasia.com
About Pacific Alliance China Land:
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a
closed-end investment company with net assets of US$296 million as
at 30 June 2014. 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 managed by 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 300 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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