Pacific Alliance China Land Limited Distribution by Mandatory Share Repurchase (3583D)
31 January 2018 - 12:10AM
UK Regulatory
TIDMPACL
RNS Number : 3583D
Pacific Alliance China Land Limited
30 January 2018
30 January 2018
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$19 million from the
repatriation of original invested capital from Project Malls.
The Company received US$22.4 million from the repatriation of
original invested capital from Project Malls in January 2018. After
providing for the Company's estimated working capital needs, the
Board has approved the return of US$19 million to Shareholders 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 11.5
per cent. of such shareholding (rounded down to the nearest whole
share). The repurchase price credited to each Shareholder will be
US$2.88 per share, which is equal to the Company's unaudited net
asset value per share as at 31 December 2017, rounded down to the
nearest whole cent.
The record date for the Mandatory Repurchase is 9 February 2018.
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: 8 February
2018
---------------------------- ------------
Record Date: 9 February
2018
---------------------------- ------------
Repurchase and Cancellation 9 February
Date: 2018
---------------------------- ------------
Settlement and Distribution 14 February
Date: 2018
---------------------------- ------------
For further information please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot Jon Lewis
Pacific Alliance Real PAG
Estate Limited 15/F, AIA Central
15/F, AIA Central 1 Connaught Road
1 Connaught Road Central, Hong Kong
Central, Hong Kong T: (852) 2918 0088
T: (852) 2918 0088 F: (852) 2918 0881
F: (852) 2918 0881 jlewis@pagasia.com
pboot@pagasia.com
------------------------- ----------------------------
BROKER: NOMINATED ADVISER:
Henry Freeman Philip Secrett
Liberum Capital Limited Grant Thornton UK LLP
T: (44) 20 (0) 20 3100 T: (44) 20 7383 5100
2000 Philip.J.Secrett@uk.gt.com
www.liberum.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 350 staff working in the region.
For more information about PAG, please visit:
www.pagasia.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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