Result of Tender Offer>
Result of Tender Offer
(Thomson Reuters ONE) - 3 July 2009 Pacific Alliance China Land Limited Result of Tender OfferPacific Alliance China Land Limited ("PACL" or the "Company"), theclosed-end investment company admitted to trading on AIM and focusedon investing in a portfolio of investments in existing properties,new developments, distressed projects and real estate companies inGreater China, today announces the result of its Tender Offer.The Tender Offer closed on Thursday 2 July 2009 and 8,031,849 of theCompany's ordinary shares, representing 5.024 per cent. of theCompany's ordinary shares in issue (and able to be tendered under theTender Offer), have been tendered for repurchase by the Company'swholly-owned subsidiary, PACL Trading Limited, at a price of $1.09per share. Settlement is expected to take place on 10 July 2009.Following the repurchase, the Company will have a total of189,833,893 ordinary shares in issue, of which 37,991,849 are held toeffectively replicate a treasury share facility by PACL TradingLimited.There will be a second tender offer during the fourth quarter of 2009for a further 6 per cent. of the Company's ordinary shares.BackgroundAt its launch in November 2007, the Company's Admission Documentindicated that PACL would provide a regular level of income in theform of a dividend up to an annual yield of 6 per cent of Net AssetValue. At an extraordinary general meeting held on 2 March 2009 (the"2009 EGM"), a special resolution was passed authorising the Companyto increase this annual yield to 12 per cent. of Net Asset Value.After further consultation with the Company's major Shareholdersfollowing the 2009 EGM, the Board and the Investment Managerconcluded that it would be more tax efficient, and therefore in thebest interests of the Shareholders, that distributions be made by wayof a tender offer at NAV instead of a dividend.The shareholdings of existing significant and substantialshareholders, as defined by the AIM Rules, may change following therepurchase of the ordinary shares. The Company will issue anotification at a later date if it becomes aware of any relevantchange in such shareholdings that is required to be notified inaccordance with Rule 17 of the AIM Rules.For further information please contact:MANAGER: LEGAL COUNSEL:Chris Gradel, Managing Partner Jon Lewis, General CounselPacific Alliance Group Pacific Alliance Group16/F, St. John's Building 16/F St. John's Building33 Garden Road 33 Garden RoadCentral, Hong Kong Central, Hong KongTel: (852) 29180088 Tel: (852) 29180088Fax: (852) 29180881 Fax: (852) 29180881cgradel(at)pacific-alliance.com jlewis(at)pacific-alliance.comBROKER: NOMINATED ADVISER:Hiroshi Funaki Philip SecrettLCF Edmond de Rothschild Securities Grant Thornton UK LLPTel: (44) 20 7845 5960 Tel: (44) 20 7383 5100Fax: (44) 20 7845 5961 Philip.J.Secrett(at)gtuk.comfunds(at)lcfr.co.ukMEDIA RELATIONS:Sophie HoggarthPacific Alliance GroupTel: (86) 21 61135818shoggarth(at)pacific-alliance.comFinancial Dynamics, LondonAndrew Walton/David CranmerTel: (44) 207 269 7217Financial Dynamics, AsiaAlastair Hetherington/Christine WoodTel: (852) 3716 9800Notes to Editors:Pacific Alliance China Land Limited (AIM: PACL) is a closed-endinvestment company with net assets of US$175 million at 31 May 2009.PACL was admitted to trading on the AIM Market of the London StockExchange in November 2007. PACL is focused on investing in aportfolio of existing properties, new developments, distressedprojects and real estate companies in Greater China.For more information about PACL, please visit: www.pacl-fund.comPacific Alliance China Land is a member of Pacific Alliance Group, the Asian alternativeinvestment fund management group.For more information about Pacific Alliance Group, please visit:www.pacific-alliance.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 03.07.2009 - 12:45 Uhr
Sprache: Deutsch
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