Pacific Alliance China Land Limited Distribution of Mandatory Share Repurchase (9069Z)

TIDMPACL

RNS Number : 9069Z

Pacific Alliance China Land Limited

01 June 2016

1 June 2016

Pacific Alliance China Land Limited

Distribution by Mandatory Share Repurchase

Pacific Alliance China Land Limited ("PACL" or the "Company"), (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces the distribution of US$96 million from the repatriation of proceeds from Project Diplomat and Project Malls.

The net proceeds of Project Diplomat amount to US$84.3million based on gross proceeds of US$97.5 million net of PRC taxes (US$11 million) and holdback (US$2.2 million).

The net proceeds of Project Malls amount to US$15.3 million based on gross proceeds of US$12.5 million from the sale of Shanghai Land plus retained earnings of US$2.8 million from the Shenzhen joint venture in which PACL owns a 60% interest.

After providing for the Company's estimated working capital needs, the Board has approved the return of US$96 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 40.7 per cent. of such shareholding (rounded down to the nearest whole number of Shares). The repurchase price credited to each Shareholder will be US$2.27 per share, which is equal to the Company's unaudited net asset value per Share as at 30 April 2016, rounded down to the nearest whole cent.

The record date for the Mandatory Repurchase is 3 June 2016. 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:                      2 June 2016 
----------------------------  ------------ 
 Record Date:                  3 June 2016 
----------------------------  ------------ 
 Repurchase and Cancellation   3 June 2016 
  Date: 
----------------------------  ------------ 
 Settlement and Distribution   6 June 2016 
  Date: 
----------------------------  ------------

For further information please contact:

 
 MANAGER:                     LEGAL COUNSEL: 
  Patrick Boot, Managing       Jon Lewis, General Counsel 
  Partner                      PAG 
  Pacific Alliance Real        15/F, AIA Central 
  Estate Limited               1 Connaught Road 
  15/F, AIA Central            Central, Hong Kong 
  1 Connaught Road             T: (852) 2918 0088 
  Central, Hong Kong           F: (852) 2918 0881 
  T: (852) 2918 0088           jlewis@pagasia.com 
  F: (852) 2918 0881 
  pboot@pagasia.com 
---------------------------  ---------------------------- 
 BROKER:                      NOMINATED ADVISER: 
  Andrew Davies / Tom Fyson    Philip Secrett 
  / Rob Johnson                Grant Thornton UK LLP 
  Liberum Capital Limited      T: (44) 20 7383 5100 
  T: (44) 20 (0) 20 3100       Philip.J.Secrett@uk.gt.com 
  2000 
  www.liberum.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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