Pacific Alliance China Land Limited Results of Share Repurchase (2920P)
August 15 2014 - 8:34AM
UK Regulatory
TIDMPACL
RNS Number : 2920P
Pacific Alliance China Land Limited
15 August 2014
15 August 2014
Pacific Alliance China Land Limited (AIM: PACL)
Results of Share Repurchase
Pacific Alliance China Land Limited ("PACL" or the "Company")
announces the results of the Share Repurchase that closed
today.
The Company's broker Edmond de Rothschild Securities (UK)
Limited ("Rothschild") received orders to sell 18,966,927 shares at
the Repurchase Price of USD1.76. Rothschild also received orders to
buy 2,118,000 shares at the same price.
As a result sell orders were scaled back approximately 29% on a
pro-rata basis and the Company's wholly-owned subsidiary, PACL
Trading Limited, repurchased 11,363,636 shares at a price of
USD1.76 per share.
Following the Share Repurchase the Company has a total of
70,713,150 shares held by PACL Trading Limited to effectively
replicate a treasury share facility. This Company continues to have
189,833,893 ordinary shares in issue, however the total voting
rights have been reduced from 130,484,379 to 119,120,743. Based on
the 31 July 2014 unaudited net asset value per share of US$2.2614,
the Share Repurchase results in an implied accretion to the NAV of
approximately US$0.048 per share.
Background
On 25 July Pacific Alliance China Land Limited ("PACL" or the
"Company") announced plans to 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 on the same day. The
Company appointed Rothschild to manage the Share Repurchase.
Investors were also given the opportunity to buy shares from
selling shareholders at the Repurchase Price. Client orders to buy
shares at the Repurchase Price were given priority over the
Company's repurchase of shares. Any outstanding sell orders would
then be met by the Company's Share Repurchase through its
wholly-owned subsidiary, PACL Trading Limited.
For more information, please contact:
Enquiries:
FINANCIAL ADVISER AND BROKER:
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$295 million as
at 31 July 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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