Pacific Alliance China Land Limited Distribution of Mandatory Share Repurchase (7843M)
August 01 2017 - 9:42AM
UK Regulatory
TIDMPACL
RNS Number : 7843M
Pacific Alliance China Land Limited
01 August 2017
1 August 2017
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$12 million from the
initial repatriation of net proceeds from Project Malls ("Project
Malls - Walmart shares").
In July 2017, the Company repatriated net proceeds of US$13.2
million from the gross proceeds of US$38.9 million received from
the sale of the Walmart Shares. The remaining net proceeds of
approximately US$20 million are expected to be repatriated in
December 2017.
After providing for the Company's estimated working capital
needs, comprised of Q4 management fees and Q3 and Q4 operating
expenses, the Board has approved the return of US$12 million to
Shareholders from the initial repatriation 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 6.884
per cent. of such shareholding (rounded down to the nearest whole
share). The repurchase price credited to each Shareholder will be
US$2.83 per share, which is equal to the Company's unaudited net
asset value per share as at 30 June 2017, rounded down to the
nearest whole cent.
The record date for the Mandatory Repurchase is 4 August 2017.
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: 3 August 2017
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Record Date: 4 August 2017
---------------------------- --------------
Repurchase and Cancellation 4 August 2017
Date:
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Settlement and Distribution 8 August 2017
Date:
---------------------------- --------------
For further information please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot Jon Lewis
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
------------------------- ----------------------------
BROKER: NOMINATED ADVISER:
Henry Freeman Philip Secrett
Liberum Capital Limited Grant Thornton UK LLP
T: (44) 20 (0) 20 3100 T: (44) 20 7383 5100
2000 Philip.J.Secrett@uk.gt.com
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
END
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