Pacific Alliance China Land Limited Wal-mart shares Transaction (1113H)
November 27 2015 - 4:30AM
UK Regulatory
TIDMPACL
RNS Number : 1113H
Pacific Alliance China Land Limited
27 November 2015
27 November 2015
Pacific Alliance China Land Limited
Wal-mart shares Transaction
Pacific Alliance China Land Limited ("PACL") (AIM: PACL), the
closed-end investment company admitted to trading on AIM, is
pleased to announce that it has completed the listing and auction
process for the remaining asset of Project Malls ("Project Malls -
Walmart shares") and signed an agreement with Wal-mart China
Holdings through its JV partner, China Resources, and is expected
to receive gross cash proceeds of approximately RMB248 million
(equivalent to USD38.9 million) as follows:
1. 50% of the consideration will be released to China Resources
from escrow with the state owned exchange within 10 business days
after the relevant approval is granted by the PRC Ministry of
Commerce; and
2. The remaining 50% of the consideration will be released to
China Resources within 5 working days after the transfer is
registered with State Administration for Industry and Commerce.
The sale proceeds will be repatriated through a dividend
distribution and return of share capital which is subject to
statutory audit and tax clearance and should take approximately 6
to 12 months to be finalized.
The sale will result in a net IRR of 16% and a net cash multiple
of 5.8x on the PACL!|s initial investment. The sale proceeds
represent a 16% discount to PACL!|s Q3 valuation, which the Manager
considers a close approximation of fair market value given PACL!|s
minority interest and auction was a government sanctioned open
process.
Once repatriated, the proceeds from the Wal-mart shares sale,
together with the proceeds of the Shanghai Land sale, will be
distributed to shareholders through a mandatory share repurchase,
or another method to be determined by the Board.
For further information please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot, Managing Partner Jon Lewis, General Counsel
Pacific Alliance Real Estate PAG
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 BROKER: NOMINATED ADVISER:
Hiroshi Funaki Philip Secrett
Edmond de Rothschild Securities Grant Thornton UK LLP
T: (44) 20 7845 5960 T: (44) 20 7383 5100
funds@lcfr.co.uk Philip.J.Secrett@uk.gt.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
END
DISKMMZMDVDGKZM
(END) Dow Jones Newswires
November 27, 2015 04:30 ET (09:30 GMT)
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