Pacific Alliance China Land Limited Replacement: Distribution by Share Repurchase (1196S)

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

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 [e-mail] or visit www.rns.com.

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June 21, 2018 04:26 ET (08:26 GMT)