11 Jul 2012 15:54
11 July 2012
Pacific Alliance China Land Limited
Result of Tender Offer
Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL) the closed-end investment company admitted to trading on AIM and focused on investing in a portfolio of investments in existing properties, new developments, distressed projects and real estate companies in Greater China, today announces the result of its Tender Offer.
The Tender Offer closed on Tuesday, 10 July 2012 and 5,399,241 of the Company's ordinary shares, representing approximately 3.86 per cent. of the Company's ordinary shares in issue and eligible to be tendered, have been tendered for repurchase by the Company's wholly-owned subsidiary, PACL Trading Limited, at a tender price of US$2.11 per share. Settlement is expected to take place on 18 July 2012.
Following the repurchase, the Company will have a total of 189,833,893 ordinary shares in issue, of which 55,356,417 will be held to effectively replicate a treasury share facility by PACL Trading Limited.
Background
On its admission to AIM in November 2007, the Company's Admission Document indicated that PACL would provide a regular level of income in the form of a dividend up to an annual yield of 6 per cent of Net Asset Value. At an extraordinary general meeting held on 2 March 2009 (the "2009 EGM"), a special resolution was passed authorising the Company to increase this annual yield to 12 per cent. of Net Asset Value.
On 7 February 2011, the Company announced that to facilitate the Company's investment strategy going forward, and following advice from its Investment Manager, the Board of Directors had modified the Company's distribution policy to match distributions to shareholders with ordinary course realisations in order to maximise returns, instead of liquidating an investment primarily to fund a distribution. The modified policy requires that each distribution represent 50 per cent. of the Company's net realised profit of a fully realised investment. The returned principal plus the balance of the net realised profit is made available for reinvestment by the Company.
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: Hiroshi Funaki LCF Edmond de Rothschild Securities T: (44) 20 7845 5960 F: (44) 20 7845 5961 funds@lcfr.co.uk
| NOMINATED ADVISER: Philip Secrett Grant Thornton Corporate Finance T: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
MEDIA RELATIONS: Stephanie Barry PAG T: (852) 3719 3375 sbarry@pagasia.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 with net assets of US$293.8 million as at 31 May 2012. PACL was 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 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 290 staff working in the region.
For more information about PAG, please visit: www.pagasia.com