Pacific Alliance China Land Limited Distribution by Mandatory Share Repurchase (3583D)

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         [e-mail] 
  [e-mail] 
-------------------------  ---------------------------- 
 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                       [e-mail] 
  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

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January 30, 2018 08:10 ET (13:10 GMT)