Pacific Alliance Asia Opp Fd Ld Cancellation, Liquidation & Notice of EGM (8832U)
03 Agosto 2015 - 8:00AM
UK Regulatory
TIDMPAX
RNS Number : 8832U
Pacific Alliance Asia Opp Fd Ld
03 August 2015
Not for release, publication or distribution in, or into,
Australia, Canada, Japan, South Africa and/or the United States
(the 'Restricted Territories').
3 August 2015
Pacific Alliance Asia Opportunity Fund Limited
Cancellation of Admission of Ordinary Shares to Trading on
AIM
Voluntary Liquidation of the Company
And
Notice of Extraordinary General Meeting
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
publication of a circular and notice of extraordinary general
meeting (the "EGM") (the "Circular"), to be sent to Shareholders
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 Company's announcement of 30
June 2015, and in the Circular itself. The De-Listing requires the
approval of not less than 75 per cent. of the votes cast by
Shareholders at the EGM.
The current timetable for the Proposal is as follows:
Announcement of proposed De-Listing, posting 3 August 2015
of the Circular and Proxy Form to Shareholders
EGM Record Date 14 August 2015
Latest date for receipt of Proxy Form 5.00 p.m. 25 August
2015
Date of the EGM 11.00a.m. on 26 August
2015
Earliest date for the De-Listing 7.00a.m. on 4 September
2015
Earliest date for the Final General Meeting 18 January 2016
If any of the above times and/or dates change, the revised
times and/or dates will be notified to Shareholders by announcement
through a Regulatory Information Service. All times are references
to London time. All events in the above timetable following
the EGM are conditional, inter alia, upon the approval of the
Resolutions.
Conditional on the approval of Shareholders at the EGM, the
Board proposes to appoint Michael Saville and David Bennett of
Grant Thornton Specialist Services (Cayman) Limited as the joint
liquidators of the Company (together the "Liquidator"). The Board
will continue to manage the Company pending the De-Listing.
Immediately upon and with effect from the De-Listing, the powers of
the Board will cease, and the Liquidator will wind up the affairs
of the Company and will seek confirmation from the Shareholders
(and in turn from the ultimate beneficial shareholders) as to
whether they would prefer to take their liquidation distribution in
cash or by way of the transfer to them of Feeder III shares.
To permit the distributions to Shareholders to take place in the
matter proposed, and as announced on 30 June 2015, the Company has
submitted a redemption notice for all of the Company's Feeder III
shares. The Feeder III directors have resolved to allow the Company
to reduce the number of Feeder III Shares to be redeemed should
that become necessary (i) if the liquidation is not approved by the
Company's Shareholders, or (ii) to allow the Liquidator to
distribute a specified number of Feeder III shares in the
liquidation.
For further information, please contact:
MANAGER: LEGAL COUNSEL:
Chris Gradel, Managing Partner Jon Lewis, Group General Counsel
Pacific Alliance Investment Management PAG
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
cgradel@pagasia.com jlewis@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$161.46 million
as at 30 June 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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