1 Aug 2017 14:42
1 August 2017
Pacific Alliance China Land Limited
Distribution by Mandatory Share Repurchase
Pacific Alliance China Land Limited ("PACL" or the "Company"), (AIM: PACL), the closed-end investment company admitted to trading on AIM, announces the distribution of US$12 million from the initial repatriation of net proceeds from Project Malls ("Project Malls - Walmart shares").
In July 2017, the Company repatriated net proceeds of US$13.2 million from the gross proceeds of US$38.9 million received from the sale of the Walmart Shares. The remaining net proceeds of approximately US$20 million are expected to be repatriated in December 2017.
After providing for the Company's estimated working capital needs, comprised of Q4 management fees and Q3 and Q4 operating expenses, the Board has approved the return of US$12 million to Shareholders from the initial repatriation by way of a mandatory repurchase of Shares (the "Mandatory Repurchase"). The Board has determined this means of distribution is in the best interests of Shareholders at this time.
Pursuant to the Mandatory Repurchase, the shareholding of each of the Company's Shareholders will be reduced through the automatic repurchase and cancellation by the Company of approximately 6.884 per cent. of such shareholding (rounded down to the nearest whole share). The repurchase price credited to each Shareholder will be US$2.83 per share, which is equal to the Company's unaudited net asset value per share as at 30 June 2017, rounded down to the nearest whole cent.
The record date for the Mandatory Repurchase is 4 August 2017. All Shareholders as at the record date will be able to participate in the distribution without any further action required on their part.
The timetable for the Mandatory Repurchase is as follows,
Ex-Date: | 3 August 2017 |
Record Date: | 4 August 2017 |
Repurchase and Cancellation Date: | 4 August 2017 |
Settlement and Distribution Date: | 8 August 2017 |
For further information please contact:
MANAGER: Patrick Boot 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 PAG 15/F, AIA Central 1 Connaught Road Central, Hong Kong T: (852) 2918 0088 F: (852) 2918 0881 jlewis@pagasia.com |
BROKER: Henry Freeman Liberum Capital Limited T: (44) 20 (0) 20 3100 2000 www.liberum.com
| NOMINATED ADVISER: Philip Secrett Grant Thornton UK LLP T: (44) 20 7383 5100 Philip.J.Secrett@uk.gt.com |
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
PACL.L (PACL)