Pacific Alliance Asia Opp Fd Ld Result of Tender Offer (6420J)

TIDMPAX

RNS Number : 6420J

Pacific Alliance Asia Opp Fd Ld

18 July 2013

Pacific Alliance Asia Opportunity Fund Limited

Result of Tender Offer

Pacific Alliance Asia Opportunity Fund Limited ("PAX" or the "Company") (AIM: PAX), the closed-end investment company admitted to trading on AIM, today announces the result of its Tender Offer.

The Tender Offer closed on Wednesday, 17 July 2013 and 6,821,375 of the Company's ordinary shares, representing approximately 6 per cent. of the Company's ordinary shares in issue and eligible to be tendered, have been tendered for repurchase by the Company's wholly-owned subsidiary, PAX Share Trading Limited, at a tender price of US$1.53 per share.

A total of 91,402,496 of the Company's ordinary shares were tendered in the Tender Offer of which 5,991,878 ordinary shares were tendered as part of the Basic Entitlement (as defined in the Tender Offer Circular dated 10 June 2013) and 85,410,618 ordinary shares were tendered as Excess Shares (as defined in the Tender Offer Circular dated 10 June 2013).

A total of 829,497 Excess Shares were accepted pro rata from all shareholders that tendered Excess Shares. As a result of the transaction, a total of 6,821,375 ordinary shares tendered were accepted for repurchase by the Company's wholly-owned subsidiary, PAX Share Trading Limited, at a tender price of US$1.53 per share, representing approximately 6 per cent. of the Company's ordinary shares in issue and eligible for tender.

Settlement is expected to take place on 25 July 2013 and will be funded from a redemption of the investment holding in Pacific Alliance Asia Opportunity Fund L.P.

Following the repurchase, the Company will have a total of 161,739,827 ordinary shares in issue, of which 54,871,611 will be held to effectively replicate a treasury share facility by PAX Share Trading Limited.

Background

On its admission to AIM in September 2006, the Company's Admission Document indicated that it would seek to provide a regular level of income in the form of a dividend up to an annual yield of 8 per cent. of Net Asset Value. At an extraordinary general meeting held on 7 May 2009 (the "2009 EGM"), the Company was reorganised and a special resolution was passed authorising the Company to increase its annual yield up to 12 per cent. of Net Asset Value, which will be made as two separate 6 per cent. distributions.

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 UK LLP 
  Securities                     T: (44) 20 7383 5100 
  T: (44) 20 7845 5960           Philip.J.Secrett@uk.gt.com 
  F: (44) 20 7845 5961 
  funds@lcfr.co.uk 
-----------------------------  ---------------------------- 
 MEDIA RELATIONS: 
  Stephanie Barry 
  PAG 
  T: (852) 3719 3375 
  sbarry@pagasia.com 
-----------------------------  ----------------------------

About Pacific Alliance Asia Opportunity Fund Limited

The Pacific Alliance Asia Opportunity Fund Ltd (AIM: PAX) is a closed-end investment company with net assets of US$163.31 million as at 30 June 2013. 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 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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