11 Aug 2014 12:13
11 August 2014
Pacific Alliance China Land Limited (AIM: PACL)
Share Repurchase Price
Pacific Alliance China Land Limited ("PACL" or the "Company") announces that the Repurchase Price for the Share Repurchase is $1.76. Investors wishing to place orders to buy or sell at this price should contact Rothschild directly by 4pm UK time on Thursday 14 August to place an order (contact details below).
Background
On Friday 25 July 2014 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 has appointed Edmond de Rothschild Securities (UK) Limited ("Rothschild") to manage the Share Repurchase.
Timetable
Shares will be purchased on Friday 15 August. Shareholders wishing to participate in the Share Repurchase should contact Rothschild (details below) by 4pm UK time on Thursday 14 August to place an order.
Investors will also be given the opportunity to buy shares from selling shareholders at the Repurchase Price. Investors wishing to buy shares should also contact Rothschild by 4pm UK time on Thursday 14 August to place an order. If Rothschild receives client orders to buy shares at the Repurchase Price, these orders will be filled ahead of the Company's repurchase of shares.
Any outstanding sell orders will then be met by the Company's Share Repurchase through its wholly-owned subsidiary, PACL Trading Limited. To the extent that remaining sell orders exceed the Company's Share Repurchase budget, these remaining sell orders will be scaled back pro-rata.
If there is cash remaining from the Share Repurchase budget following the execution of all sell and buy orders, this remaining cash will be distributed through a future Share Repurchase or another method to be determined by the Board.
Notes
The price to be paid per share shall not be more than the higher of (i) 5% above the volume weighted average price of the shares for the 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 Rothschild acquires the PACL Shares.
The Company is currently in a close period ahead of the release of its 30 June 2014 Interim Results and will therefore be in a close period at the time of the Share Repurchase. Rothschild has been instructed by the Company to manage the irrevocable, non-discretionary Share Repurchase. No amendments may be made to the trading instructions on 25 July and the Company and its directors have no power to make any changes to the Share Repurchase.
For more information, please contact:
Enquiries:
FINANCIAL ADVISER AND BROKER:
Andrew Davies
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$296 million as at 30 June 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