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

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