30 Jun 2011 09:20
30 June 2011
Pacific Alliance China Land Limited
Share Dealings
Pacific Alliance China Land Limited (the "Company") announces the following dealings in the Company's ordinary shares (the "Ordinary Shares").
On 30 June 2011, the Company transferred a total of 1,719,857 of the Company's ordinary shares of US$0.01 each, with a value of US$3,085,252 based on the 31 May 2011 Net Asset Value of US$1.7939 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, a wholly-owned subsidiary of Pacific Alliance Real Estate Limited (the "Investment Manager"). The shares (the "Performance Shares") were transferred to settle the 25% share based component of the US$12,341,008 performance fee payable for the fiscal year ended 31 December 2010, in accordance with the Investment Management Agreement dated 20 November 2007.
As a result of the transfer of the Performance Shares, Mr. Chris Gradel and Mr. Horst F. Geicke, directors of the Company, have an indirect interest in 2,992,138 of the Company's Ordinary Shares held by Pacific Alliance Real Estate Limited and its affiliates representing 2.14% of the Company's total voting rights.
For more information please contact:
MANAGER:
Chris Gradel, Managing Partner Pacific Alliance Group 15/F, AIA Central 1 Connaught Road Central Hong Kong Tel: +852 29180088 Fax: +852 29180881 cgradel@pacific-alliance.com
| LEGAL COUNSEL:
Jon Lewis, Group General Counsel Pacific Alliance Group 15/F, AIA Central 1 Connaught Road Central Hong Kong Tel: +852 29180088 Fax: +852 29180881 jlewis@pacific-alliance.com
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BROKER:
Hiroshi Funaki LCF Edmond de Rothschild Securities Tel: +44 20 7845 5960 Fax: +44 20 7845 5961 funds@lcfr.co.uk
| NOMINATED ADVISER:
Philip Secrett Grant Thornton Corporate Finance Tel: +44 20 7383 5100 Philip.J.Secrett@uk.gt.com
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| MEDIA RELATIONS:
Stephanie Barry Pacific Alliance Group Tel: (852) 3719 3375 sbarry@pacific-alliance.com
Financial Dynamics, London Andrew Walton Tel: (44) 207 269 7217
Financial Dynamics, Asia Alastair Hetherington/Christine Wood Tel: (852) 3716 9800 |
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Notes to Editors:
Pacific Alliance China Land Limited (AIM: PACL) is a closed-end investment company with net assets of US$247.8 million at 31 May 2011. 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 is a member of Pacific Alliance Group, the Asian alternative investment fund management group.
For more information about Pacific Alliance Group, please visit: www.pacific-alliance.com.