Pacific Alliance Asia Opp Fd Ld Share Purchase Programme (2688W)

TIDMPAX

RNS Number : 2688W

Pacific Alliance Asia Opp Fd Ld

23 December 2013

Pacific Alliance Asia Opportunity Fund Limited

Share Purchase Programme

Pacific Alliance Asia Opportunity Fund Limited ("PAX" or the "Company") (AIM: PAX) has today announced the Company will undertake a share buy-back programme ("Share Purchase Programme") pursuant to the share purchase policy adopted by the Company's Board of Directors on 11 August 2009.

The Company has appointed Edmond de Rothschild Securities (UK) Limited ("Rothschild Securities") to manage the irrevocable, non-discretionary Share Purchase Programme from 1 January 2014 to 31 March 2014. The Share Purchase Programme will commence at the time of the Company's next close period, which runs from 1 January 2014 ahead of the announcement of the Company's unaudited Net Asset Value per Share for the month of December 2013.

Rothschild Securities will seek to acquire shares of the Company in the market and attempt to place them with new and existing investors. In the event that Rothschild Securities is unable to find investors to purchase some or all of said shares, the Company's wholly-owned subsidiary, PAX Share Trading Limited (the "Share Purchase Subsidiary" or "SPS"), will repurchase up to a maximum of US$5.0 million of said shares as part of the ongoing Share Purchase Programme at the same consideration as they were acquired in the market.

During close periods that fall within the duration of the Share Purchase Programme, which will include the two month close period ahead of the publication of the Company's audited financial results for the fiscal year ended 31 December 2013, the Company and its directors will have no power to invoke any changes to the programme and purchases will be executed at the sole discretion of Rothschild Securities.

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.

For more information, please contact:

 
 MANAGER:                                  LEGAL COUNSEL: 
  Chris Gradel, Managing Partner            Jon Lewis, General Counsel 
  Pacific Alliance Investment Management    PAG 
  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 
  cgradel@pagasia.com                       jlewis@pagasia.com 
----------------------------------------  ---------------------------- 
 BROKER:                                   NOMINATED ADVISER: 
  Hiroshi Funaki                            Philip Secrett 
  Edmond de Rothschild Securities           Grant Thornton UK LLP 
  (UK) Limited                              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

Pacific Alliance Asia Opportunity Fund Limited (AIM: PAX) is a closed-end investment company with net assets of US$158.13 million as at 30 November 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 Private Equity, Real Estate and Absolute Return strategies.

PAG has a presence across Asia with over 340 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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