6 May 2020 14:27
6 May 2020
CORRECTION AND ADDITIONAL INFORMATION
Pacific Alliance China Land Limited
Cancellation of Admission of Ordinary Shares to Trading on AIM
Voluntary Liquidation of the Company
And
Extraordinary General Meeting
Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces a correction to the facsimile number included in the circular and notice of extraordinary general meeting (the "EGM") (the "Circular"), that was sent to Shareholders on 9 April 2020 for the purpose of proposing a vote on the cancellation of the admission of the Company's ordinary shares to trading on AIM (the "De-Listing"), and the subsequent voluntary liquidation of the Company (the "Proposal").
The correct facsimile number is:
+44 (0) 1534 769 770
Attn: Noel Walsh
In addition, proxies will be accepted if sent by email to the following email address:
PACL@sannegroup.com
The timetable for the Proposal remains as follows:
| 2020 | ||
| Announcement of proposed De-Listing, posting of the Circular and Proxy Form to Shareholders | 9 April | |
| EGM Record Date Latest date for receipt of Proxy Form | 24 April 5:00 p.m. (London time) on 7 May | |
| Last day of dealings of Ordinary Shares on AIM | 11 May | |
| Suspension of Ordinary Shares from trading on AIM | 7:30 a.m. (London time) on 12 May | |
| Time and Date of the EGM | 11:00 a.m. (London time) on 12 May | |
| Announcement of results of EGM | 12 May | |
| Appointment of Joint Liquidators | 12 May | |
| Cancellation of trading on AIM | 7:00 a.m. (London time) on 13 May | |
| |||
If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service. All times are references to London time. All events in the above timetable following the EGM are conditional, inter alia, upon the approval of the Resolutions.
The Company's shares will be suspended from trading at 7:30 a.m. on 12 May 2020 in advance of the EGM, as the commencement of the liquidation process will render the Company inappropriate for admission to trading on AIM. Conditional on the approval of Shareholders at the EGM, the Board proposes to appoint John Royle and Margot MacInnis of Grant Thornton Specialist Services (Cayman) Limited as the joint liquidators of the Company (together the "Liquidator"). The Board will continue to manage the Company pending the De-Listing. Immediately upon and with effect from the appointment of the Liquidator at the EGM, the powers of the Board will cease, and the Liquidator will wind up the affairs of the Company. Admission of the Company's shares to trading on AIM will be cancelled with effect from 7:00 a.m. on 13 May 2020, following which the Company's shares will no longer be tradeable.
No mechanism to enable the Company's shares to be traded following cancellation will be made available to shareholders and the Company's shares will not be transferable once the Company enters liquidation without the consent of the Liquidators.
For further information please contact:
MANAGER: Patrick Boot Pacific Alliance Real Estate Limited 15/F, AIA Central 1 Connaught Road Central, Hong Kong T: (852) 2918 0088 F: (852) 2918 0881 pboot@pag.com
| LEGAL COUNSEL: Jon Lewis PAG 15/F, AIA Central 1 Connaught Road Central, Hong Kong T: (852) 2918 0088 F: (852) 2918 0881 jlewis@pag.com |
BROKER: Henry Freeman Liberum Capital Limited T: (44) 20 (0) 20 3100 2000 www.liberum.com
| NOMINATED ADVISER: Philip Secrett Grant Thornton UK LLP T: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
About Pacific Alliance China Land Limited
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end investment company 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 managed by 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 400 staff working in the region.
For more information about PAG, please visit: www.pag.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.