AVI Japan Opport.Tst - Tender Offer Announced for AJOT Portfolio Company
04/06/2024 14:15
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RNS Number : 0881R AVI Japan Opportunity Trust PLC 04 June 2024
Tender Offer Announced for AJOT Portfolio Company
London, 4 June 2024 - Asset Value Investors ("AVI") is pleased to announce
that one of AVI Japan Opportunity Trust's ("AJOT") portfolio companies, NC
Holdings Co., Ltd. ("NCHD"), has received a tender offer bid aimed at
privatising the company.
AJOT has agreed with Navy 1 K.K. ("the Offeror") to sell its 19.3% stake into
the tender offer.
The investment in NCHD accounts for 3.9% of AJOT's NAV. The tender offer price
of Y2,208 per share represents a +46% premium to the undisturbed closing price
on 3(rd) June 2024. AJOT's NAV is set to increase by a further 126bps
following the 54bps NAV contribution from the +14% share price increase today.
AVI has been a shareholder in NCHD since June 2021. As a large shareholder
owning over 20% of the voting rights of NCHD, we have engaged extensively with
the Board, both privately and publicly, about ways to enhance corporate value
and returns to shareholders. This includes our public campaign and subsequent
shareholder proposals at the AGM in 2023. Three of AVI's proposals
successfully passed, including one that required a special resolution. More
information on AVI's 2023 public campaign regarding the shareholder proposals
can be found here: (www.enhancingNCHD.com (http://www.enhancingNCHD.com) )
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About Asset Value Investors (AVI)
AVI is an investment management company established in London, United Kingdom,
in 1985. AVI has invested in Japanese equities for more than 30 years. AVI
manages AVI Global Trust ("AGT") (Total Gross Assets: approximately JPY250bn
(£1.3bn)), AVI Japan Opportunities Trust ("AJOT") (Total Gross Assets:
approximately JPY40bn (£0.21bn)), etc., as of 31 March 2024. AGT and AJOT are
public companies whose shares are listed and traded on the main market of the
London Stock Exchange.
Contact:
Kaz Sakai - kaz.sakai@assetvalueinvestors.com
Asset Value Investors Limited
LEI: 894500IJ5QQD7FPT3J73
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