Pacific Alliance Asia Opp Fd Ld Result of Tender Offer (9942J)
13 Abril 2015 - 3:48AM
UK Regulatory
TIDMPAX
RNS Number : 9942J
Pacific Alliance Asia Opp Fd Ld
13 April 2015
13 April 2015
Pacific Alliance Asia Opportunity Fund Limited
Result of Tender Offer
Pacific Alliance Asia Opportunity Fund Limited ("PAX" or the
"Company") (AIM: PAX), the closed-end investment company admitted
to trading on AIM, today announces the result of its Tender
Offer.
The Tender Offer closed on Thursday, 9 April 2015 and 5,665,725
of the Company's ordinary shares, representing approximately 6 per
cent. of the Company's ordinary shares in issue and eligible to be
tendered, have been accepted for repurchase by the Company's
wholly-owned subsidiary, PAX Share Trading Limited, at a tender
price of US$1.68 per share.
A total of 30,796,221 of the Company's ordinary shares were
tendered in the Tender Offer of which 1,911,425 ordinary shares
were tendered as part of the Basic Entitlement (as defined in the
Tender Offer Circular dated 6 March 2015) and 28,884,796 ordinary
shares were tendered as Excess Shares (as defined in the Tender
Offer Circular dated 6 March 2015).
A total of 3,754,300 Excess Shares were accepted pro rata from
all shareholders that tendered Excess Shares. As a result of the
transaction, a total of 5,665,725 ordinary shares tendered were
accepted for repurchase by the Company's wholly-owned subsidiary,
PAX Share Trading Limited, at a tender price of US$1.68 per share,
representing approximately 6 per cent. of the Company's ordinary
shares in issue and eligible for tender.
Settlement is expected to take place on 17 April 2015.
Following the repurchase, the Company will have a total of
161,739,827 ordinary shares in issue, of which 72,976,796 will be
held to effectively replicate a treasury share facility by PAX
Share Trading Limited.
Background
On its admission to AIM in September 2006, the Company's
Admission Document indicated that it would seek to provide a
regular level of income in the form of a dividend up to an annual
yield of 8 per cent. of Net Asset Value. At an extraordinary
general meeting held on 7 May 2009 (the "2009 EGM"), the Company
was reorganised and a special resolution was passed authorising the
Company to increase its annual yield up to 12 per cent. of Net
Asset Value, which will be made as two separate 6 per cent.
distributions.
For further information please contact:
INVESTMENT MANAGER: NOMINATED ADVISER:
Pacific Alliance Investment Philip Secrett
Management Limited Grant Thornton UK LLP
T: (852) 2918 0088 T: (44) 20 7383 5100
pax@pagasia.com Philip.J.Secrett@uk.gt.com
BROKER: MEDIA RELATIONS:
Hiroshi Funaki Stephanie Barry
Edmond de Rothschild Securities PAG
T: (44) 20 7845 5960 T: (852) 3719 3375
funds@lcfr.co.uk sbarry@pagasia.com/
----------------------------
About Pacific Alliance Asia Opportunity Fund Limited
Pacific Alliance Asia Opportunity Fund Limited (AIM: PAX) serves
as a feeder fund for Pacific Alliance Asia Opportunity Fund L.P.
(the "Master Fund"), a Cayman Islands exempted limited partnership.
PAX was admitted to trading on the AIM Market of the London Stock
Exchange in September 2006.
The principal investment objective of both PAX and the Master
Fund is to provide their respective investors with capital
appreciation through value, arbitrage and special situations
investments in Asian markets. Target investments include distressed
credit, private equity secondaries, activist investments and other
opportunities offering the possibility of unlocking the underlying
value of a company or asset.
For more information about PAX, please visit:
www.pax-fund.com
Pacific Alliance Asia Opportunity Fund Limited is managed by PAG
(formerly known as Pacific Alliance Group), which is one of the
region's largest Asia-focussed alternative investment managers,
with funds under management across Private Equity, Real Estate and
Absolute Return strategies. Founded in 2002, PAG now has a presence
across Asia with 330 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
END
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