Pacific Alliance China Land Limited US$10m Distribution through Share Repurchase (5841W)
November 10 2014 - 6:00AM
UK Regulatory
TIDMPACL
RNS Number : 5841W
Pacific Alliance China Land Limited
10 November 2014
10 November 2014
Pacific Alliance China Land Limited (AIM: PACL)
US$10m Distribution through Share Repurchase
Pacific Alliance China Land Limited ("PACL" or the "Company")
announces that it will distribute up to US$10m through a share
repurchase (the "Share Repurchase"), pursuant to approval of the
Board's proposals at the EGM on 25 July 2014. 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, 24 November
2014. Shares will be purchased on Friday, 28 November 2014.
Shareholders wishing to participate in the Share Repurchase should
contact Rothschild (details below) by 4pm UK time on Thursday, 27
November 2014 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, 27 November 2014 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 Monday, 24
November 2104 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.
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
T: (852) 2918 0088
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
T: (852) 2918 0088
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 focused on investing in a portfolio
of existing properties, new developments, distressed projects and
real estate companies in Greater China. PACL was admitted to
trading on the AIM Market of the London Stock Exchange in November
2007.
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 330 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
MSCLLFEILDLILIS
Pacific Alliance China L... (LSE:PACL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pacific Alliance China L... (LSE:PACL)
Historical Stock Chart
From Jul 2023 to Jul 2024