Pacific Alliance Asia Opp Fd Ld Result of Tender Offer (3827Q)

TIDMPAX

RNS Number : 3827Q

Pacific Alliance Asia Opp Fd Ld

29 August 2014

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 Thursday, 28 August 2014 and 6,027,367 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 accepted for repurchase by the Company's wholly-owned subsidiary, PAX Share Trading Limited, at a tender price of US$1.66 per share.

A total of 94,983,655 of the Company's ordinary shares were tendered in the Tender Offer of which 5,888,908 ordinary shares were tendered as part of the Basic Entitlement (as defined in the Tender Offer Circular dated 31 July 2014) and 89,094,747 ordinary shares were tendered as Excess Shares (as defined in the Tender Offer Circular dated 31 July 2014).

A total of 138,459 Excess Shares were accepted pro rata from all shareholders that tendered Excess Shares. As a result of the transaction, a total of 6,027,367 ordinary shares tendered were accepted for repurchase by the Company's wholly-owned subsidiary, PAX Share Trading Limited, at a tender price of US$1.66 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 5 September 2014 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 67,311,071 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 
  Edmond de Rothschild Securities    Grant Thornton UK LLP 
  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

The Pacific Alliance Asia Opportunity Fund Ltd (AIM: PAX) is a closed-end investment company with net assets of US$167.03 million as at 31 July 2014. 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 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

END

RTEPGURCRUPCGPB

Pacific Allian. (LSE:PAX)
Historical Stock Chart
From Jun 2024 to Jul 2024