15 Aug 2014 13:34
15 August 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 18,966,927 shares at the Repurchase Price of USD1.76. Rothschild also received orders to buy 2,118,000 shares at the same price.
As a result sell orders were scaled back approximately 29% on a pro-rata basis and the Company's wholly-owned subsidiary, PACL Trading Limited, repurchased 11,363,636 shares at a price of USD1.76 per share.
Following the Share Repurchase the Company has a total of 70,713,150 shares held by PACL Trading Limited to effectively replicate a treasury share facility. This Company continues to have 189,833,893 ordinary shares in issue, however the total voting rights have been reduced from 130,484,379 to 119,120,743. Based on the 31 July 2014 unaudited net asset value per share of US$2.2614, the Share Repurchase results in an implied accretion to the NAV of approximately US$0.048 per share.
Background
On 25 July Pacific Alliance China Land Limited ("PACL" or the "Company") announced plans to distribute up to US$20m through a share repurchase (the "Share Repurchase"), pursuant to the approval of the Board's proposals at the EGM held on the same day. 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.
For more information, please contact:
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 with net assets of US$295 million as at 31 July 2014. 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 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