Nippon Active Value - Tender Offer Result

Nippon Active Value Fund

24/02/2023 07:00

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RNS Number : 8940Q  Nippon Active Value Fund PLC  24 February 2023

 

24 February 2023

 

LEI: 213800JOFEGZJYS21P75

 

Nippon Active Value Fund plc

(the "Company")

 

Tender Offer Result

 

As per the Company's announcement on 6 January 2023, the Company in
conjunction with Hikari Acquisition K.K. and Michael 1925 LLC, (together the
"Tender Offerors") launched a tender offer (the "Tender Offer") at ¥1,300 per
share for up to 4,911,564 common shares in T&K TOKA CO., LTD ("Toka ").

 

The terms of the Tender Offer included the condition that, if the total number
of tendered shares was less than the minimum number of shares to be purchased
(4,007,064 shares), the Tender Offer would not proceed. The total number of
tendered shares was 2,600,705 shares and, accordingly, the Tender Offerors
will not proceed to purchase any of the tendered shares.

 

The purpose of launching the Tender Offer was to  emphasize our wish to see
Toka improving  its capital allocation policy. The Tender Offerors intend to
continue to seek improvement in Toka's capital allocation policy and to
support the Toka in delivering greater shareholder value.

 

-END-

NOTES TO EDITORS

 

About NAVF

Nippon Active Value Fund ("NAVF") is an Investment Trust listed on the
Specialist Fund Segment of the London Stock Exchange. The investment advisor
of the Fund is Rising Sun Management Limited. NAVF is targeting attractive
levels of capital growth for shareholders from the active management of a
focused portfolio of quoted small cap Japanese equity investments. The
investment advisor, Rising Sun Management Limited, targets companies which are
attractive, undervalued and have a substantial proportion of their market
capitalisation held in cash and/or listed securities and/or realisable assets.

 

Media Enquiries:

 Bill McIntosh

bill.mcintosh@peregrinecommunications.com

Peregrine Communications

+44 203 178 6868

 

Alex Gorokhov

alex.gorokhov@peregrinecommunications.com

Peregrine Communications

+44 203 178 6868

 

 

 

 

 

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