Pacific Alliance China Land Limited Distribution by Mandatory Share Repurchase (5302K)
14 December 2018 - 9:06PM
UK Regulatory
TIDMPACL
RNS Number : 5302K
Pacific Alliance China Land Limited
14 December 2018
14 December 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$55 million from the
repatriation of original invested capital from Project Auspice.
The Company received a total of US$52 million from the
repatriation of original invested capital from Project Auspice in
November and December 2018. After providing for the Company's
estimated working capital needs, the Board has approved the return
of US$55 million to Shareholders by way of a mandatory repurchase
of ordinary 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 88.7%
per cent. of such shareholding (rounded down to the nearest whole
number of Shares). The repurchase price credited to each
Shareholder will be US$2.64 per ordinary share, which is equal to
the Company's unaudited net asset value per ordinary share as at 30
November 2018, rounded down to the nearest whole cent.
The record date for the Mandatory Repurchase is 21 December
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: 20 December 2018
Record Date: 21 December 2018
-----------------
Repurchase and Cancellation 21 December 2018
Date:
-----------------
Settlement and Distribution 27 December 2018
Date:
-----------------
The Company anticipates a final amount of approximately US$7
million of registered capital will be repatriated in June 2019 from
the investment structure used for Project Beijing Olympic. Subject
to the distribution of this amount to Shareholders at or around
that date, the Company will then put proposals to shareholders to
commence an orderly wind up of the Company and cancellation of the
Company's shares from trading on AIM.
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
MSCFKQDKKBDDNBD
(END) Dow Jones Newswires
December 14, 2018 05:06 ET (10:06 GMT)
Pacific Alliance China L... (LSE:PACL)
Historical Stock Chart
From Apr 2024 to May 2024
Pacific Alliance China L... (LSE:PACL)
Historical Stock Chart
From May 2023 to May 2024