19 Nov 2015 16:07
19 November 2015
Pacific Alliance China Land Limited
Notice of EGM
Pacific Alliance China Land Limited ("PACL") (AIM: PACL), the closed-end investment company admitted to trading on AIM, hereby gives notice of a forthcoming Extraordinary General Meeting to be held on 18 December 2015 at 2:00 p.m. (CST) at the Four Seasons Hotel, Cotai Strip, Estrada da Baia de N. Senhora da Esperanca, S/N Taipa, Macau.
1. Introduction
In the Company's Admission Document, the Board undertook to convene an extraordinary general meeting of the Company in 2015 where a special resolution would be proposed that the Company continue as presently constituted. The Board is therefore convening the EGM to propose this Continuation Resolution in accordance with the Admission Document.
In light of the Company's current realisation investment policy, adopted in 2014, which continues to focus on the realisation of the Company's portfolio and the return of net realisation proceeds to Shareholders, the Board is recommending that Shareholders vote FOR the Continuation Resolution to allow the Company to complete the process of realising its investments.
If the Continuation Resolution is passed, the Board intends that a similar resolution will be proposed at an extraordinary general meeting to be convened each fifth subsequent year thereafter.
In the event that the Continuation Resolution is not passed, the Board will consult with Shareholders to formulate proposals to be put to Shareholders to reorganise, unitise or reconstruct the Company or for the Company to be wound up.
The Continuation Resolution is classified as a special resolution, requiring a Shareholder approval threshold of 66.67% of Shareholders present and voting.
2. The Continuation Resolution
The Continuation Resolution, which will be proposed as a special resolution, will be proposed at the EGM. The Directors consider the Continuation Resolution proposed at the EGM to be in the best interests of the Company and Shareholders as a whole.
The Directors unanimously recommend Shareholders vote in favour of the Continuation Resolution proposed at the EGM.
Terms have the same meaning as defined in the Circular.
3. Expected Timetable of Principal Events
EGM Record Date | 5:00 p.m. (Jersey time) on Wednesday, 18 November 2015 |
Latest time and date for receipt of Forms of Proxy | 7:00 a.m. (Jersey time) on Wednesday, 16 December 2015 |
Time and date of EGM | 2:00 p.m. (CST) on Friday, 18 December 2015 |
Announcement of results of EGM | Friday, 18 December 2015 |
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.
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 |
FINANCIAL ADVISER AND BROKER: Hiroshi Funaki Edmond de Rothschild Securities T: (44) 20 7845 5960 funds@lcfr.co.uk
| NOMINATED ADVISER: Philip Secrett Grant Thornton UK LLP T: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
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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