Pacific Alliance China Land Limited Replacement: Distribution by Share Repurchase (1196S)
21 June 2018 - 6:26PM
UK Regulatory
TIDMPACL
RNS Number : 1196S
Pacific Alliance China Land Limited
21 June 2018
CORRECTION: Distribution by Mandatory Share Repurchase
The Company announces that the following amendment has been made
to the announcement released under RNS number 4486R at 14.32 on 14
June 2018.
The record date for the Mandatory Repurchase is 22 June 2018 not
21 June 2018, as previously stated.
All other information within the announcement remains the same.
The full amended text is shown below.
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$78 million from the
initial repatriation of net proceeds from Project Auspice.
In June, the Company repatriated net realized profit of US$81.6
million from the gross proceeds of US$118.7 million received from
the sale of the Wanda Shares. The remaining cash, net of
liabilities, of approximately US$61 million is expected to be
repatriated and distributed in December 2018.
After providing for the Company's estimated working capital
needs, the Board has approved the return of US$78 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 53.7
per cent. of such shareholding (rounded down to the nearest whole
number of Shares). The repurchase price credited to each
Shareholder will be US$2.86 per share, which is equal to the
Company's unaudited net asset value per Share as at 31 May 2018,
rounded down to the nearest whole cent.
The record date for the Mandatory Repurchase is 22 June 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: 21 June 2018
---------------------------- -------------
Record Date: 22 June 2018
---------------------------- -------------
Repurchase and Cancellation 22 June 2018
Date:
---------------------------- -------------
Settlement and Distribution 26 June 2018
Date:
---------------------------- -------------
For further information please contact:
MANAGER: LEGAL COUNSEL:
Patrick Boot Jon Lewis
Pacific Alliance Real Estate PAG
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 2000 T: (44) 20 7383 5100
www.liberum.com 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 350 staff working in the region.
For more information about PAG, please visit:
www.pagasia.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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