14 Dec 2018 10:06
14 December 2018
Pacific Alliance China Land Limited
Distribution by Mandatory Share Repurchase
Pacific Alliance China Land Limited ("PACL" or the "Company"), (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces the distribution of US$55 million from the repatriation of original invested capital from Project Auspice.
The Company received a total of US$52 million from the repatriation of original invested capital from Project Auspice in November and December 2018. After providing for the Company's estimated working capital needs, the Board has approved the return of US$55 million to Shareholders by way of a mandatory repurchase of ordinary shares (the "Mandatory Repurchase"). The Board has determined this means of distribution is in the best interests of Shareholders at this time.
Pursuant to the Mandatory Repurchase, the shareholding of each of the Company's Shareholders will be reduced through the automatic repurchase and cancellation by the Company of approximately 88.7% per cent. of such shareholding (rounded down to the nearest whole number of Shares). The repurchase price credited to each Shareholder will be US$2.64 per ordinary share, which is equal to the Company's unaudited net asset value per ordinary share as at 30 November 2018, rounded down to the nearest whole cent.
The record date for the Mandatory Repurchase is 21 December 2018. All Shareholders as at the record date will be able to participate in the distribution without any further action required on their part.
The timetable for the Mandatory Repurchase is as follows:
Ex-Date: | 20 December 2018 |
Record Date: | 21 December 2018 |
Repurchase and Cancellation Date: | 21 December 2018 |
Settlement and Distribution Date: | 27 December 2018 |
The Company anticipates a final amount of approximately US$7 million of registered capital will be repatriated in June 2019 from the investment structure used for Project Beijing Olympic. Subject to the distribution of this amount to Shareholders at or around that date, the Company will then put proposals to shareholders to commence an orderly wind up of the Company and cancellation of the Company's shares from trading on AIM.
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@pagasia.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@pagasia.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 350 staff working in the region.
For more information about PAG, please visit: www.pagasia.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.