Pacific Alliance Asia Opp Fd Ld Further Update to the Proposed Share Exchange (6875R)
30 6월 2015 - 9:27PM
UK Regulatory
TIDMPAX
RNS Number : 6875R
Pacific Alliance Asia Opp Fd Ld
30 June 2015
30 June 2015
Pacific Alliance Asia Opportunity Fund Limited
Further Update to the Proposed Share Exchange with Feeder
III
Pacific Alliance Asia Opportunity Fund Limited ("PAX" or the
"Company") (AIM: PAX), the closed-end investment company admitted
to trading on AIM and listed feeder for Pacific Alliance Asia
Opportunity Fund L.P. (the "Master Fund"), announces the following
further update on the proposed Share Exchange with Feeder III that
was the last of the initiatives intended to close the discount
between the Company's market price and net asset value ("NAV") per
share as well as to provide exit opportunities for selling
shareholders.
As stated in the Company's 22 September 2014 announcement, the
Board and the Manager would assess the impact of these initiatives
on a regular basis, and the Board committed to seek shareholder
approval to wind up the Company should the NAV fall below USD30
million. These measures were adopted to remove any shareholder
concern over the Company becoming too small, or of becoming a
trapped minority, if the discount initiatives were widely taken
up.
After further consideration, and after further consultation with
Grant Thornton, the Company's Nominated Advisor (the "Nomad"), the
Board has concluded the proposed Share Exchange with Feeder III is
no longer feasible because it would reduce the size of the Company
to the point that it would no longer be viable as an AIM traded
company. Accordingly, this initiative would not be in the best
interests of shareholders as a whole;
The Board acknowledges, however, that a large majority of the
Company's shareholders continue to express an interest in receiving
Feeder III Shares, and therefore the possibility of achieving this
outcome by way of delisting, liquidating and winding up the Company
should be presented to shareholders for consideration;
The Board will be meeting with potential liquidators for this
purpose and will encourage the chosen liquidator to allow eligible
shareholders who so elect to receive the value of their interest in
the Company as Feeder III Shares of equivalent value, with all
other shareholders receiving the value of their interests in
cash;
It is expected that a circular describing the proposed
delisting, liquidation and winding up process, along with an EGM
Notice and Form of Proxy, with be distributed to shareholders by
mid-July, with the intention of holding a shareholder vote on the
proposed actions in mid- August;
In the meantime, a redemption notice will be submitted for all
of the Company's Feeder III Shares in anticipation of the proposed
liquidation (the "Redemption"), preliminary details of which are
set out below:
Redemption Notice Date: 30 June 2015
Redemption Date: 31 December 2015
Redemption NAV Date: 31 December 2015
Estimated Settlement Date: 15 January 2016
Feeder III Shares to be Redeemed: 87,709,479.062
Given the anticipatory nature of the Redemption, the Company has
requested, and Feeder III has determined, to allow the Company to
reduce the number of Feeder III Shares so redeemed should that
become necessary (i) if the liquidation is not approved by the
Company's shareholders, or (ii) to allow the Company's liquidator
to distribute a specified number of Feeder III Shares in the
liquidation.
For further information, please contact:
MANAGER: LEGAL COUNSEL:
Chris Gradel, Managing Jon Lewis, Group General
Partner Counsel
Pacific Alliance Investment PAG
Management 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 jlewis@pagasia.com
cgradel@pagasia.com
--------------------------------- ----------------------------
BROKER: NOMINATED ADVISER:
Hiroshi Funaki Philip Secrett
Edmond de Rothschild Securities Grant Thornton UK LLP
T: (44) 20 7845 5960 T: (44) 20 7383 5100
F: (44) 20 7845 5961 Philip.J.Secrett@uk.gt.com
funds@lcfr.co.uk
--------------------------------- ----------------------------
About Pacific Alliance Asia Opportunity Fund Limited
Pacific Alliance Asia Opportunity Fund Limited (AIM: PAX) is a
closed-end investment company with net assets of US$160.68 million
as at 31 May 2015. PAX was admitted to trading on the AIM Market of
the London Stock Exchange in September 2006 and is a feeder fund
for Pacific Alliance Asia Opportunity Fund L.P. (the "Master
Fund"). The Master Fund's investment objective is to generate
superior risk adjusted returns through investing in the most
attractive opportunities in the Asian markets. The Master Fund is
opportunistic and dynamic with respect to the strategies it employs
and invests across the capital structure in search of the best risk
adjusted returns. It pursues distressed credit, special situations,
arbitrage and origination strategies, concentrating on mispricings
rather than directional exposure.
For more information about Pacific Alliance Asia Opportunity
Fund Limited, please visit: www.pax-fund.com
Pacific Alliance Asia Opportunity Fund Limited is 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 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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