1 Jun 2016 12:24
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