28 Jun 2013 14:10
28 June 2013
Pacific Alliance China Land Limited
Share Purchase Program
Pacific Alliance China Land Limited ("PACL" or the "Company") (AIM: PACL) has today announced the Company will undertake a Share Purchase Program pursuant to the Share Purchase Policy adopted by the Company's Board of Directors on 23 June 2008.
The Company has appointed Edmond de Rothschild Securities ("Rothschild Securities") to manage an irrevocable, non-discretionary share buy-back programme from 1 July 2013 to 28 September 2013. Rothschild Securities will seek to acquire shares of the Company in the market and attempt to place them with new and existing investors, at the same consideration that Rothschild Securities acquired them. In the event that Rothschild Securities is unable to find investors to purchase some or all of said shares, the Company's wholly-owned subsidiary, PACL Trading Limited (the "Share Purchase Subsidiary" or "SPS"), will repurchase up to a maximum of US$7,600,000 of said shares as part of the ongoing Share Purchase Program at the same consideration as they were acquired in the market. During this period the Company and its directors will have no power to invoke any changes to the Share Buyback Program and it is being done at the sole discretion of Rothschild Securities.
PACL Share Purchase Policy
The following policies apply to the all purchases of the Company's ordinary shares by the SPS:
·; All purchases will be funded by way of intra-group loans from the Company.
·; All purchases shall be made at market prices below the last announced net asset value per share.
·; The purchase price may not exceed the higher of (i) five per cent. above the volume weighted average price of the Company's shares for the five (5) business days before the purchase is made, or (ii) the higher of the price of the last independent trade and the highest current independent bid at the time of purchase.
·; The maximum number of the Company's shares that may be purchased in any 12 month period is 25 per cent of the Company's issued share capital, from time to time.
·; If possible, all sales shall be made at a premium to the last announced net asset value per share, and sales at a discount to the prevailing net asset value per share may only be made with the prior approval of the Board.
·; The SPS must dispose of all Company shares held before the Company can raise additional funds through the offer and sale of new shares.
·; The maximum number of Company shares that can be sold by the SPS in any 12 month period is 25 per cent of the Company's issued share capital, from time to time. This limit can be exceeded only with the prior express approval of the Board.
·; The SPS shall be prohibited from purchasing or selling Company shares during 'close periods' (as described in the AIM Rules for Companies).
·; The SPS shall not exercise the voting rights attaching to Company shares held by it, from time to time.
·; The SPS shall waive the right to receive all dividends or other distributions in relation to shares held by it, from time to time.
·; The Company will promptly announce to the market all purchases and sales of all Company shares by the SPS without delay.
For further information please contact:
MANAGER: Patrick Boot, Managing Partner Pacific Alliance Real Estate Limited T: (852) 2918 0088 pboot@pagasia.com
| LEGAL COUNSEL: Jon Lewis, Group General Counsel PAG T: (852) 2918 0088 jlewis@pagasia.com |
BROKER: Hiroshi Funaki LCF Edmond de Rothschild Securities Tel: (44) 20 7845 5960 funds@lcfr.co.uk
| NOMINATED ADVISER: Philip Secrett Grant Thornton UK LLP Tel: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
MEDIA RELATIONS: Stephanie Barry PAG T: (852) 3719 3375 sbarry@pagasia.com | |
Notes to Editors:
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$301.36 million as at 31 May 2013. 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: http://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 320 staff working in the region.
For more information about PAG, please visit: www.pagasia.com