Pacific Alliance China Land Limited Realisation of Project Auspice (8494Q)
December 02 2016 - 8:07AM
UK Regulatory
TIDMPACL
RNS Number : 8494Q
Pacific Alliance China Land Limited
02 December 2016
2 December 2016
Pacific Alliance China Land Limited
Realisation of Project Auspice
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 realized its entire interest in
Project Auspice. The investee (Dalian Wanda Commercial Properties
Co., Ltd., or "Wanda"), is one of China's largest property
developers focusing on integrated mixed-use development and
operation management of commercial properties throughout the
PRC.
In 2009, PACL invested RMB 153 million (approximately equal to
USD 22.4 million at the time) to purchase an indirect interest in
shares of Wanda held through a PRC joint venture company (the "PRC
JV"). Today, PACL realized its entire interest in the investment
through the PRC JV's sale of all Wanda shares indirectly owned by
PACL to a third party for corresponding gross cash proceeds of RMB
816.7 million (approximately equal to USD 118.7 million),
representing a net IRR of 15.2% and a net cash multiple of 3.83x on
PACL's initial investment.
The USD proceeds of the realization will be distributed to
shareholders through a future mandatory share repurchase, or
another method to be determined by the Board, as soon as the
necessary PRC tax clearance is received and the PRC regulatory
repatriation process is completed, which is not expected to be
until sometime in late 2018.
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:
Henry Freeman Philip Secrett
Liberum Capital Limited Grant Thornton UK LLP
T: (44) 20 (0) 3100 2000www.liberum.com T: (44) 20 7383 5100
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
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