9 Apr 2020 09:12
9 April 2020
Pacific Alliance China Land Limited
Declaration of Dividend
Pacific Alliance China Land Limited ("PACL" or the "Company"), (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces a distribution to shareholders of the Company ("Shareholders") of US$1.3 million by way of a dividend of US$0.49 per share, rounded down to the nearest US$0.01 (the "Dividend"), from the excess cash held by the Company.
The total Dividend is based on the Company's unaudited 29 February 2020 NAV of US$2.1 million reduced by estimated operating, delisting and winding up expenses plus a reserve. The Board has determined that distribution by way of a dividend, instead of a mandatory repurchase, is in the best interests of Shareholders at this time because it maintains the required number of the Company's shares to continue to be admitted to trading on AIM pending delisting.
The record date for the Dividend is 24 April 2020. All Shareholders as at the record date will be able to participate in the Dividend without any further action required on their part.
The timetable for the Dividend is as follows:
Ex-Date: | 23 April 2020 |
Record Date: | 24 April 2020 |
Payment Date: | 30 April 2020 |
The Company will today also put a proposal to Shareholders to commence an orderly wind up of the Company and cancellation of the Company's shares from trading on AIM. Once the Company is delisted, and liquidation of the Company is completed, any excess cash will be paid to Shareholders in a final distribution, or paid to a third party charity nominated by the Shareholders, as determined by the joint voluntary 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.