Pacific Alliance China Land Limited Distribution of Mandatory Share Repurchase (6544E)

TIDMPACL

RNS Number : 6544E

Pacific Alliance China Land Limited

11 February 2015

Pacific Alliance China Land Limited

Distribution by Mandatory Share Repurchase

Pacific Alliance China Fund Limited ("PACL" or the "Company") (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces the distribution of US$25 million from the realization of the Times Property and Forterra Trust investments over the course of 2014.

At the extraordinary general meeting held on 25 July 2014, the Company's shareholders ("Shareholders") approved an amendment to the Company's investment policy to restrict new investment solely to (i) supporting existing investments, and (ii) utilizing RMB cash assets in China and, subject to exchange control restrictions, making low risk, short-term investments. The focus of future investment management efforts was changed to the realization of the Company's portfolio and the return of net realization proceeds to Shareholders.

Shareholders also approved an amendment to the Company's articles of association to allow the board of directors of the Company (the "Board") to perform compulsory redemptions of the Company's ordinary shares (the "Shares"), in addition to secondary market Share buybacks, as a mechanism for returning net realisation proceeds to Shareholders.

The Company returned a total of US$30 million to Shareholders by way of secondary market Share buybacks in August and November 2014.

After providing for the Company's estimated working capital needs, the Board has approved the return of an additional US$25 million to Shareholders by way of a mandatory repurchase of Shares (the "Mandatory Repurchase"). The Board has determined this means of distribution is in the best interests of Shareholders at this time.

Pursuant to the Mandatory Repurchase, the shareholding of each of the Company's Shareholders will be reduced through the automatic repurchase and cancellation by the Company of approximately 8.47 per cent. of such shareholding (rounded down to the nearest whole number of Shares). The repurchase price credited to each Shareholder will be US$2.60 per Share, which is equal to the Company's unaudited net asset value per Share as at 31 December 2014, rounded down to the nearest whole cent.

The record date for the Mandatory Repurchase is 13 February 2015. All Shareholders as at the record date will be able to participate in the distribution without any further action required on their part.

The timetable for the Mandatory Repurchase is as follows:

   Ex-Date:                                                    12 February 2015 
   Record Date:                                            13 February 2015 
   Repurchase and Cancellation Date:        13 February 2015 
   Settlement and Distribution Date:             16 February 2015

For further information please contact:

 
 MANAGER:                           LEGAL COUNSEL: 
  Patrick Boot, Managing             Jon Lewis, Group General 
  Partner                            Counsel 
  Pacific Alliance Real              PAG 
  Estate Limited                     15/F, AIA Central 
  15/F, AIA Central                  1 Connaught Road 
  1 Connaught Road                   Central, Hong Kong 
  Central, Hong Kong                 T: (852) 2918 0088 
  T: (852) 2918 0088                 F: (852) 2918 0881 
  F: (852) 2918 0881                 jlewis@pagasia.com 
  pboot@pagasia.com 
---------------------------------  ---------------------------- 
 FINANCIAL ADVISER AND              NOMINATED ADVISER: 
  BROKER:                            Philip Secrett 
  Hiroshi Funaki                     Grant Thornton UK LLP 
  Edmond de Rothschild Securities    T: (44) 20 7383 5100 
  T: (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 
---------------------------------  ----------------------------

About Pacific Alliance China Land Limited

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

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