Pacific Alliance China Land Limited Results of Share Repurchase (3598Y)
November 28 2014 - 10:03AM
UK Regulatory
TIDMPACL
RNS Number : 3598Y
Pacific Alliance China Land Limited
28 November 2014
28 November 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 15,299,907 shares at
the Repurchase Price of USD1.78. Rothschild also received orders to
buy 5,994,381 shares at the same price.
As a result sell orders were scaled back approximately 24% on a
pro-rata basis and the Company's wholly-owned subsidiary, PACL
Trading Limited, repurchased 5,617,977 shares at a price of USD1.78
per share.
Following the Share Repurchase the Company has a total of
76,331,127 shares held by PACL Trading Limited to effectively
replicate a treasury share facility. The Company continues to have
189,833,893 ordinary shares in issue, however the total voting
rights have been reduced from 119,120,743 to 113,502,766.
Based on the 30 October 2014 unaudited net asset value per share
of USD2.3722, adjusted for the subsequent estimated USD0.047 per
share gain on the sale of Project Crystal announced 26 November
2014, the Share Repurchase results in an implied accretion to the
NAV of approximately USD0.031 per share.
Background
On 10 November Pacific Alliance China Land Limited ("PACL" or
the "Company") announced plans to distribute up to US$10m through a
share repurchase (the "Share Repurchase"), pursuant to the approval
of the Board's proposals at the EGM held on 25 July 2014. 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.
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 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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