2 Jun 2015 09:00
2 June 2015
Pacific Alliance China Land Limited
Share Dealing
Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces the following dealings in the Company.
On 29 May 2015, the Company transferred a total of 96,403 of the Company's Ordinary Shares of US$0.01 each (the "Performance Shares"), with a value of US$254,156.87 based on the 30 April 2015 Net Asset Value at US$2.6364 per share from PACL Trading Limited, a wholly-owned subsidiary of the Company organized to effectively replicate the benefits of a treasury facility, to PARE Trading Limited. PARE Trading Limited is a wholly-owned subsidiary of the Company's investment manager, Pacific Alliance Real Estate Limited ("PARE"). The Performance Shares were transferred to settle the 25% share based component of the US$1,016,628 performance fee payable to PARE for the fiscal year ended 31 December 2014, in accordance with the investment management agreement dated 20 November 2007 between the Company and PARE.
As a result of this transaction, PACL Trading Limited no longer holds any of the Company's Ordinary Shares. The total number of Ordinary Shares currently in issue with voting rights is therefore 103,887,384 Ordinary Shares. PARE Trading Limited is interested in 3,765,920 of the Company's Ordinary Shares representing 3.63 per cent. of the Company's total voting rights.
As a result of PARE's interest in the Company, Mr. Horst Geicke, a director of the Company, is directly interested in 1,817,400 of the Company's Ordinary Shares representing 1.75 per cent. of the Company's total voting rights, and he has an indirect interest in 3,979,912 of the Company's Ordinary Shares, representing 3.83 per cent. of the Company's total voting rights held by PARE and its affiliates.
In addition, Mr. Jon-Paul Toppino, a director of the Company, and director, President & Chief Investment Officer of PARE, has an indirect interest in 3,979,912 of the Company's Ordinary Shares, representing 3.83 per cent. of the Company's total voting rights held by PARE and its affiliates.
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 |
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 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