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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pacific Alliance China Land Limited | LSE:PACL | London | Ordinary Share | KYG6846Y1035 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.18 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPACL
RNS Number : 8494Q
Pacific Alliance China Land Limited
02 December 2016
2 December 2016
Pacific Alliance China Land Limited
Realisation of Project Auspice
Pacific Alliance China Land Limited ("PACL") (AIM: PACL), the closed-end investment company admitted to trading on AIM, is pleased to announce that it has realized its entire interest in Project Auspice. The investee (Dalian Wanda Commercial Properties Co., Ltd., or "Wanda"), is one of China's largest property developers focusing on integrated mixed-use development and operation management of commercial properties throughout the PRC.
In 2009, PACL invested RMB 153 million (approximately equal to USD 22.4 million at the time) to purchase an indirect interest in shares of Wanda held through a PRC joint venture company (the "PRC JV"). Today, PACL realized its entire interest in the investment through the PRC JV's sale of all Wanda shares indirectly owned by PACL to a third party for corresponding gross cash proceeds of RMB 816.7 million (approximately equal to USD 118.7 million), representing a net IRR of 15.2% and a net cash multiple of 3.83x on PACL's initial investment.
The USD proceeds of the realization will be distributed to shareholders through a future mandatory share repurchase, or another method to be determined by the Board, as soon as the necessary PRC tax clearance is received and the PRC regulatory repatriation process is completed, which is not expected to be until sometime in late 2018.
For further information please contact:
MANAGER: LEGAL COUNSEL: Patrick Boot, Managing Jon Lewis, General Counsel Partner PAG Pacific Alliance Real 15/F, AIA Central Estate Limited 1 Connaught Road 15/F, AIA Central Central, Hong Kong 1 Connaught Road T: (852) 2918 0088 Central, Hong Kong F: (852) 2918 0881 T: (852) 2918 0088 jlewis@pagasia.com F: (852) 2918 0881 pboot@pagasia.com ----------------------------------------- ---------------------------- BROKER: NOMINATED ADVISER: Henry Freeman Philip Secrett Liberum Capital Limited Grant Thornton UK LLP T: (44) 20 (0) 3100 2000www.liberum.com 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
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
December 02, 2016 08:07 ET (13:07 GMT)
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