Source - RNS
RNS Number : 4486R
Pacific Alliance China Land Limited
14 June 2018
 

14 June 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$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 21 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 Date:

22 June 2018

Settlement and Distribution Date:

26 June 2018

  

 

 

 

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

[email protected]

 

LEGAL COUNSEL:

Jon Lewis

PAG

15/F, AIA Central

1 Connaught Road

Central, Hong Kong

T: (852) 2918 0088

F: (852) 2918 0881

[email protected]

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

[email protected]

 

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.

 


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