1st Jun 2016 11:41
LONDON (Alliance News) - Pacific Alliance China Land Ltd on Wednesday said it will return USD96.0 million to shareholders via a mandatory share buyback, meaning around 40.7% of shares will be repurchased and cancelled.
The closed-end investment company said the USD96.0 million distribution is comprised of USD84.3 million net proceeds of the sale of its Project Diplomat portfolio as well as USD15.3 million from the sale of its Project Malls portfolio, after providing for Pacific Alliance China Land's working capital needs.
Pacific Alliance China Land said it has determined this "means of distribution is in the best interests of shareholders at this time".
Pursuant to the mandatory share repurchase, around 40.7% of shares will be repurchased and cancelled, with the repurchase price set at USD2.27 per share. This is equal to Pacific Alliance China Land's unaudited net asset value per share as at April 30, rounded down to the nearest cent, it said.
The repurchase will take place on June 3.
Shares in the trust were untraded on Wednesday, having last traded at USD1.85.
By Hannah Boland; [email protected]; @Hannaheboland
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