7 Feb 2011 09:57
Change to Distribution Policy
7 February 2011
Pacific Alliance China Land Limited
Change to Distribution Policy
The Board of Directors of Pacific Alliance China Land Limited (the "Company") and its investment manager, Pacific Alliance Real Estate Limited (the "Investment Manager"), have recently held discussions with the Company's major shareholders about the future direction of the Company's investment strategy.
The consensus from that dialogue is that the Company's multi-strategy opportunistic approach has been very successful and should be continued in the future.
To facilitate the Company's investment strategy going forward, the Investment Manager has proposed, and the Board of Directors supports an immediate modification of the Company's current distribution policy.
This modification will be to match distributions to shareholders with ordinary course realizations to maximize returns, instead of liquidating an investment primarily to fund a distribution. The modified policy will also require that each distribution represent 50% of the Company's net realized profit of the fully realized investment, with the returned principal plus the balance of the net realized profit available for reinvestment.
The Board of Directors and the Investment Manager believe this modified policy is a better approach that should maximize growth while providing timely distributions to shareholders.
For further information please contact:
MANAGER: Patrick Boot, Managing Director Pacific Alliance Real Estate Limited 16/F, St. John's Building 33 Garden Road Central, Hong Kong Tel: (852) 29180088 Fax: (852) 29180881 cgradel@pacific-alliance.com
| LEGAL COUNSEL: Jon Lewis, Group General Counsel Pacific Alliance Group 16/F St. John's Building 33 Garden Road Central, Hong Kong Tel: (852) 29180088 Fax: (852) 29180881 jlewis@pacific-alliance.com
|
BROKER: Hiroshi Funaki LCF Edmond de Rothschild Securities Tel: (44) 20 7845 5960 Fax: (44) 20 7845 5961 funds@lcfr.co.uk
| NOMINATED ADVISER: Philip Secrett Grant Thornton Corporate Finance Tel: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com
|
MEDIA RELATIONS: Stephanie Barry Pacific Alliance Group Tel: (852) 9191 0736 sbarry@pacific-alliance.com
Financial Dynamics, London Andrew Walton Tel: (44) 207 269 7217
|
|
Notes to Editors:
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company that was 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 a member of Pacific Alliance Group ("PAG"), one of the leading Asian alternative investment managers. Founded in 2002, PAG manages funds covering private equity, real estate, hedge fund and distressed investments and has offices across Asia including Hong Kong, Shanghai, Beijing and Tokyo.
For more information about Pacific Alliance, please visit www.pacific-alliance.com