28 Nov 2014 15:03
28 November 2014
Pacific Alliance China Land Limited (AIM: PACL)
Results of Share Repurchase
Pacific Alliance China Land Limited ("PACL" or the "Company") announces the results of the Share Repurchase that closed today.
The Company's broker Edmond de Rothschild Securities (UK) Limited ("Rothschild") received orders to sell 15,299,907 shares at the Repurchase Price of USD1.78. Rothschild also received orders to buy 5,994,381 shares at the same price.
As a result sell orders were scaled back approximately 24% on a pro-rata basis and the Company's wholly-owned subsidiary, PACL Trading Limited, repurchased 5,617,977 shares at a price of USD1.78 per share.
Following the Share Repurchase the Company has a total of 76,331,127 shares held by PACL Trading Limited to effectively replicate a treasury share facility. The Company continues to have 189,833,893 ordinary shares in issue, however the total voting rights have been reduced from 119,120,743 to 113,502,766.
Based on the 30 October 2014 unaudited net asset value per share of USD2.3722, adjusted for the subsequent estimated USD0.047 per share gain on the sale of Project Crystal announced 26 November 2014, the Share Repurchase results in an implied accretion to the NAV of approximately USD0.031 per share.
Background
On 10 November Pacific Alliance China Land Limited ("PACL" or the "Company") announced plans to distribute up to US$10m through a share repurchase (the "Share Repurchase"), pursuant to the approval of the Board's proposals at the EGM held on 25 July 2014. The Company appointed Rothschild to manage the Share Repurchase.
Investors were also given the opportunity to buy shares from selling shareholders at the Repurchase Price. Client orders to buy shares at the Repurchase Price were given priority over the Company's repurchase of shares. Any outstanding sell orders would then be met by the Company's Share Repurchase through its wholly-owned subsidiary, PACL Trading Limited.
Enquiries:
FINANCIAL ADVISER AND BROKER:
Hiroshi Funaki
Edmond de Rothschild Securities
T: (44) 20 7845 5960
funds@lcfr.co.uk
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
NOMINATED ADVISER:
Philip Secrett
Grant Thornton UK LLP
T: (44) 20 7383 5100
Philip.J.Secrett@uk.gt.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
MEDIA RELATIONS:
Stephanie Barry
PAG
T: (852) 3719 3375
sbarry@pagasia.com
About Pacific Alliance China Land:
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