Result of Tender Offer
(Thomson Reuters ONE) -
25 October 2010
Pacific Alliance China Land Limited
Result of Tender Offer
Pacific Alliance China Land Limited ("PACL" or the "Company"), the closed-end
investment company admitted to trading on AIM and focused on investing in a
portfolio of investments in existing properties, new developments, distressed
projects and real estate companies in Greater China, today announces the result
of its tender offer that was announced on 21 September 2010 ("Tender Offer").
The Tender Offer closed on Thursday 21 October 2010 and 6,714,422 of the
Company's ordinary shares, representing 4.6 per cent. of the Company's ordinary
shares in issue (and able to be tendered under the Tender Offer), have been
tendered for repurchase by the Company's wholly-owned subsidiary, PACL Trading
Limited, at a price of $1.43 per share. Settlement is expected to take place on
29 October 2010.
Following the repurchase, the Company will have a total of 189,833,893 ordinary
shares in issue, of which 51,677,033 are held to effectively replicate a
treasury share facility by PACL Trading Limited.
Background
On its admission to AIM in November 2007, the Company's admission document
indicated that PACL would provide a regular level of income in the form of a
dividend up to an annual yield of 6 per cent of Net Asset Value. At an
extraordinary general meeting held on 2 March 2009 (the "2009 EGM"), a special
resolution was passed authorising the Company to increase this annual yield to
12 per cent. of Net Asset Value.
After consultation with the Company's major shareholders following the 2009 EGM,
the board of directors of the Company and the Company's investment manager,
Pacific Alliance Real Estate Limited, concluded that it would be more tax
efficient, and therefore in the best interests of the shareholders, that
distributions be made by way of a tender offer instead of a dividend.
The shareholdings of existing significant and substantial shareholders, as
defined by the AIM Rules, may change following the repurchase of the ordinary
shares. The Company will issue a notification at a later date if it becomes
aware of any relevant change in such shareholdings that is required to be
notified in accordance with Rule 17 of the AIM Rules.
For further information please contact:
MANAGER: LEGAL COUNSEL:
Chris Gradel, Managing Partner Jon Lewis, Group General Counsel
Pacific Alliance Group Pacific Alliance Group
16/F, St. John's Building 16/F St. John's Building
33 Garden Road 33 Garden Road
Central, Hong Kong Central, Hong Kong
Tel: (852) 29180088 Tel: (852) 29180088
Fax: (852) 29180881 Fax: (852) 29180881
cgradel(at)pacific-alliance.com jlewis(at)pacific-alliance.com
BROKER: NOMINATED ADVISER:
Hiroshi Funaki Philip Secrett
LCF Edmond de Rothschild Securities Grant Thornton Corporate Finance
Tel: (44) 20 7845 5960 Tel: (44) 20 7383 5100
Fax: (44) 20 7845 5961 Philip.J.Secrett(at)uk.gt.com
funds(at)lcfr.co.uk
MEDIA RELATIONS:
Sophie Hoggarth
Pacific Alliance Group
Tel: (86) 21 61135818
shoggarth(at)pacific-alliance.com
Financial Dynamics, London
Andrew Walton
Tel: (44) 207 269 7217
Financial Dynamics, Asia
Alastair Hetherington/Christine Wood
Tel: (852) 3716 9800
Notes to Editors:
Pacific Alliance China Land Limited (AIM: PACL) is a closed-end investment
company with net assets of USD 231.7 million at 30 September 2010. PACL was
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 is a member of Pacific Alliance Group, the Asian
alternative investment fund management group.
[HUG#1454729]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pacific Alliance China Land Limited via Thomson Reuters ONE
Datum: 25.10.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 46099
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 244 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Result of Tender Offer"
steht unter der journalistisch-redaktionellen Verantwortung von
Pacific Alliance China Land Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
