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Distribution of Mandatory Share Repurchase

1 Jun 2016 12:24

RNS Number : 9069Z
Pacific Alliance China Land Limited
01 June 2016
 

1 June 2016

 

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$96 million from the repatriation of proceeds from Project Diplomat and Project Malls.

 

The net proceeds of Project Diplomat amount to US$84.3million based on gross proceeds of US$97.5 million net of PRC taxes (US$11 million) and holdback (US$2.2 million).

 

The net proceeds of Project Malls amount to US$15.3 million based on gross proceeds of US$12.5 million from the sale of Shanghai Land plus retained earnings of US$2.8 million from the Shenzhen joint venture in which PACL owns a 60% interest.

 

After providing for the Company's estimated working capital needs, the Board has approved the return of US$96 million to Shareholders by way of a mandatory repurchase of 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 40.7 per cent. of such shareholding (rounded down to the nearest whole number of Shares). The repurchase price credited to each Shareholder will be US$2.27 per share, which is equal to the Company's unaudited net asset value per Share as at 30 April 2016, rounded down to the nearest whole cent.

 

The record date for the Mandatory Repurchase is 3 June 2016. 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:

2 June 2016

Record Date:

3 June 2016

Repurchase and Cancellation Date:

3 June 2016

Settlement and Distribution Date:

6 June 2016

 

 

 

 

 

 

 

 

 

 

 

For further information please contact:

 

MANAGER:

Patrick Boot, Managing Partner

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, General Counsel

PAG

15/F, AIA Central

1 Connaught Road

Central, Hong Kong

T: (852) 2918 0088

F: (852) 2918 0881

jlewis@pagasia.com

BROKER:

Andrew Davies / Tom Fyson / Rob Johnson

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 300 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
 
 
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