Pacific Alliance Asia Opp Fd Ld Share Purchase Program (8240W)

TIDMPAX

RNS Number : 8240W

Pacific Alliance Asia Opp Fd Ld

31 January 2013

Pacific Alliance Asia Opportunity Fund Limited

Share Purchase Program

Pacific Alliance Asia Opportunity Fund Limited ("PAX" or the "Company") (AIM: PAX) today announces that it will undertake a share purchase program as part of its effort to reduce the current discount between the share price and the net asset value per ordinary share (the "Share Purchase Program").

In accordance with the Company's Share Purchase Policy, the Company will use its wholly-owned subsidiary, PAX Share Trading Limited (the "Share Purchase Subsidiary" or "SPS") to repurchase up to US$5 million of the Company's ordinary shares at market price in order to effectively replicate a treasury share facility.

The Share Purchase Program, which will be executed by the Company's broker, LCF Edmond de Rothschild Securities ("Rothschild Securities"), will commence on 1 February 2013.

PAX Share Purchase Policy

The following policies apply to all market purchases of the Company's ordinary shares by the SPS:

   --     All purchases will be funded by way of intra-group loans from the Company;

-- All purchases shall be placed at market prices that are below the last announced net asset value per share;

-- The purchase price may not exceed the higher of (i) five per cent. above the volume weighted average price of the Company's ordinary shares for the five (5) business days before the purchase is made, or (ii) the higher of the price of the last independent trade and the highest current independent bid at the time of purchase;

-- The maximum number of ordinary shares that may be purchased in any 12 month period is 25 per cent of the Company's issued share capital, from time to time;

-- The SPS shall be prohibited from purchasing ordinary shares during 'close periods' (as described in the AIM Rules for Companies), without a derogation granted by the London Stock Exchange;

-- The SPS shall not exercise the voting rights attaching to ordinary shares held by it, from time to time;

-- The SPS shall waive the right to receive all dividends or other distributions in relation to ordinary shares held by it, from time to time; and

-- The Company will promptly announce to the market all purchases of all ordinary shares by the SPS without delay.

Close Period

The Company is about to enter a close period ahead of the release of its January 2013 Net Asset Value. Pursuant to the Share Purchase Program, the Company has appointed Rothschild Securities to manage an irrevocable, non-discretionary share buy-back program during the close period, at which time the Company and its directors will have no power to invoke any change to the share buy-back program and purchases will be executed at the sole discretion of Rothschild Securities.

For more information, please contact:

 
 MANAGER:                       LEGAL COUNSEL: 
  Chris Gradel, Managing         Jon Lewis, General Counsel 
  Partner                        PAG 
  Pacific Alliance Investment    15/F, AIA Central 
  Management                     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 
  cgradel@pagasia.com 
-----------------------------  ---------------------------- 
 BROKER:                        NOMINATED ADVISER: 
  Hiroshi Funaki                 Philip Secrett 
  LCF Edmond de Rothschild       Grant Thornton Corporate 
  Securities                     Finance 
  T: (44) 20 7845 5960           T: (44) 20 7383 5100 
  F: (44) 20 7845 5961           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 Asia Opportunity Fund Limited

Pacific Alliance Asia Opportunity Fund Limited (AIM: PAX) is a closed-end investment company with net assets of US$168.82 million as at 31 December 2012. PAX was admitted to trading on the AIM Market of the London Stock Exchange in September 2006. PAX is focused on investing in distressed credit, private equity secondaries, activist investments and other opportunities offering the possibility of unlocking the underlying value of a company or asset across the Asian markets.

For more information about Pacific Alliance Asia Opportunity Fund Limited, please visit: www.pax-fund.com

Pacific Alliance Asia Opportunity Fund Limited is 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 320 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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