PACIFIC ALLIANCE CHINA LAND LTD Patrick Boot pboot@pag.com (86) 21 6010 6188
Pacific Alliance China Land
Quarterly Newsletter March 2020
Fund Performance | As at 31 March 2020 |
NAV per Share | US$ 0.7999 |
Total Net Assets | US$ 2.1m |
Issued Shares | 2,653,0781 |
Share Price | US$ 0.71 |
Market Capitalization | US$ 2m |
Portfolio Breakdown | |
Cash | US$ 2,049,217 |
Investments 3 | |
Foreign Exchange Hedging Options | US$ - |
Total Cash and Investments | US$ 2,049,217 |
Other Net Assets/(Liabilities) | US$ 73,0042 |
Fund Details | |
Bloomberg Code | PACL LN |
Reuters Code | PACL.L |
ISIN Code | KYG6846Y1035 |
Listing | AIM London Stock Exchange |
Date of Inception | 22 November 2007 |
Domicile | Cayman Islands |
Structure | Closed-end fund |
Investment Objective
Pacific Alliance China Land Limited (PACL) is a closed-end real estate fund focused on investing in existing properties, new developments, distressed projects and real estate companies in Greater China. The Fund invests opportunistically across all types of property, with a focus on first, second and third tier cities. The Fund is advised by a dedicated team of experienced professionals located across China.
On 25 July 2014, PACL's investment policy changed to restrict new investment solely to a) supporting existing investments, b) utilizing RMB cash assets subject to exchange control restrictions, for low risk short-term investments, and c) to focus future investment management efforts on the realization of the portfolio and the return of net realization proceeds to Shareholders. PACL has since July 2014 returned a total of US$262 million to shareholders by way of share repurchases.
Portfolio News
The Fund's net asset value (NAV) as of 31 March 2020 was US$2.1 million or US$0.7999 per share, an increase of 19.44% from the previous quarter ending 31 December 2019. PACL no longer has active investments.
- 2,653,078 ordinary shares issued and outstanding. In December 2018,
20,833,331 shares were repurchased and cancelled. - Other Assets/(Liabilities) - Includes other receivables of US$97k and other payables of US$24k
www.pag.com | Page 1 of 2 |
Patrick Boot pboot@pag.com (86) 21 6010 6188
US$ NAV
Return%
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
-0.27% | -0.33% | +0.04% | +2.61% | +0.78% | +0.55% | +0.40% | -0.16% | +0.76% |
+0.29% | +0.06% | +2.61% | +0.05% | +0.12% | +1.15% | +0.50% | +1.14% | +0.82% |
+0.53% | -0.21% | +1.49% | +0.02% | -0.09% | +1.96% | +1.53% | -0.33% | +11.63% |
-0.51% | -0.04% | +0.35% | +2.61% | -0.09% | +1.00% | +7.73% | 1.34% | -0.19% |
-0.26% | -0.12% | +0.75% | -0.16% | -0.45% | +2.61% | -0.17% | -0.28% | +1.00% |
+0.24% | -0.08% | +0.12% | +1.46% | +0.05% | +0.86% | +2.90% | -0.06% | -0.10% |
-0.75% | -0.94% | -5.35% | -0.27% | -0.63% | -0.24% | -0.19% | +1.38% | +2.94% |
-1.18% | -0.62% | -0.88% | +4.10% | -0.12% | -0.65% | -2.05% | -6.11% | -1.06% |
-5.29% | -3.34% | +8.38% | +1.40% | -1.70% | -2.89% | +3.62% | +2.90% | +3.18% |
-0.03% | -0.70% | -0.37% | -0.32% | +0.21% | -0.06% | +0.25% | +1.90% | -1.21% |
+3.06% | -0.99% | -0.48% | -0.93% | -1.31% | -2.19% | -2.92% | -0.40% | -0.85% |
+2.46% | -0.05% | -1.31% | -0.59% | -3.09% | -1.59% | -0.32% | -1.53% | -72.66% |
+0.52% | +19.14% | -0.26% |
Oct | Nov |
N/A | N/A |
+1.21% | -0.15% |
-0.20% | -0.21% |
+0.66% | +0.03% |
+0.86% | -0.28% |
+0.12% | +0.77% |
+0.11% | -0.06% |
+0.52% | +2.94% |
+3.91% | -3.41% |
-0.57% | +11.51% |
-0.11% | -0.50% |
-1.32% | -0.19% |
-0.79% | -0.06% |
Dec | YTD |
-0.08% | -0.08% |
+0.59% | +6.20% |
+20.79% | +28.60% |
+8.90% | +28.10% |
+6.12% | +20.55% |
+3.10% | +6.97% |
+3.52% | +9.25% |
+6.55% | +5.64% |
-5.40% | -13.13% |
+8.38% | +26.96% |
+1.42% | +0.43% |
+2.90% | -5.64% |
-3.40% | -75.37% |
+19.45% |
Fund Highlights
Distributions
On 9 April 2020, the Fund declared a dividend of US$1.3 million which is expected to be distributed on 30 April 2020. Upon liquidation, and after setting aside the liquidation expenses, any excess cash will be paid to shareholders in a final distribution, or paid to a third-party charity nominated by the shareholders, as determined by the joint voluntary liquidators.
De-Listing and Liquidation
On 9 April 2020, Company sent a circular (the "Circular") and notice of extraordinary general meeting to be held on 12 May 2020 (the "EGM") for the purpose of proposing a vote on the cancellation of the admission of the Company's ordinary shares to trading on AIM (the "De-Listing"), and the subsequent voluntary liquidation of the Company (the "Proposal"). The detailed reasons for and background to the Proposal are set out in the Circular. The De- Listing requires the approval of not less than 75 per cent of the votes cast by Shareholders at the EGM. Should the Proposal pass, cancellation of the admission to trading on AIM of the Company's ordinary shares is expected to become effective on 13 May 2020,
Any questions regarding the above information can be addressed with the Manager via email or telephone.
Portfolio Manager
Patrick Boot
Investment Manager | |
PAG Real Estate | |
Tel: (86) 21 6010 6188 | pboot@pag.com |
Nominated Adviser | |
Grant Thornton UK LLP | |
Philip Secrett | |
Tel: (44) 207 385 5100 | philip.j.secrett@uk.gt.com |
Important Information
The information contained in this Quarterly Update has been prepared solely by Pacific Alliance Real Estate Limited ("the Manager"). None of the information contained in this Monthly Update is intended as financial, investment or professional advice and should not be taken as such by any party receiving it or obtaining it through any means. Nothing in this Monthly Update should be construed as an offer to sell or a solicitation of an offer to buy any security or to participate in any trading strategy. Contents are based on sources which the Manager believes to be reliable; however no warranty or representation, express or implied is given as to accuracy and completeness. You should rely on independent confirmation of any information contained herein before relying on that information for any purpose whatsoever. Any forward looking statement included in this Monthly Update is based on the opinions or expectations of the Manager, and actual results could differ materially. Historical performance is not an indicator of future performance and should not be assumed or construed as such. Finally, all the information contained herein including market data and prices are subject to change without notice. The information contained herein is being made available to institutional investors and investment professionals only as defined in the Financial Services and Markets Act 2000.
Pacific Alliance Real Estate Limited is the investment manager of Pacific Alliance China Land Limited. The Manager is not regulated by the Financial Services Authority.
www.pacl-fund.com
Pacific Alliance China Land Limited is part of PAG, 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.
www.pag.com
www.pag.com | Page 2 of 2 |
Attachments
- Original document
- Permalink
Disclaimer
Pacific Alliance China Land Ltd. published this content on 28 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2020 02:47:07 UTC
