Nippon Active Value Fund publish Scheme of Reconstruction prospectus
September 2023
Nippon Active Value Fund (NAVF) is an activist investor targeting attractive levels of capital growth from investing in small and midcap Japanese companies.
Corporate governance reform and key regulatory changes in Japan have created an environment for increased shareholder activism which coupled with very low valuations offer investors the potential for outsized returns now and in the future.
NAVF is advised by Rising Sun Management which is led by James Rosenwald and Gifford Combs who have delivered uncorrelated activist investment returns in Japan over decades. They are backed by a proven team which includes RSM Chairman Paul ffolkes Davis as well as analysts and corporate finance specialists based in Tokyo who have extensive experience in negotiating with and investing in Japanese companies.
abrdn Japan Investment Trust (AJIT) is an investment trust aiming to achieve long-term capital growth principally through investment in listed Japanese companies which are believed by the Manager to have above average prospects for growth.
Japan is home to world-class companies with strong franchises that can play an essential role in any diversified portfolio seeking to deliver long-term growth.
Atlantis Japan Growth Fund (AJG) is a London listed Investment Trust that has offered access to fast growing companies in Japan since its launch in 1996.
The experienced AIRC team in Tokyo focus their stock-picking skills in less well covered areas of the Japanese stock market. This long-term investment approach, guided by an intensive company visit programme, has created significant long-term outperformance through a portfolio of small & mid-cap Japanese companies.
Quaero Capital LLP is the Investment Manager of Atlantis Japan Growth Fund Limited. Atlantis Investment Research Corporation (AIRC) in Tokyo is the appointed Investment Adviser
Publication of Scheme of Reconstruction prospectus
The documentation published by NAVF detailed proposals relating to the rollover of assets of each of abrdn Japan Investment Trust plc and Atlantis Japan Growth Fund Limited into the Company pursuant to schemes of reconstruction of AJIT and AJG. Neither scheme is conditional on completion of the other.
Additionally, the prospectus also detailed information relating to a 12-month placing programme to issue up to 250 million new ordinary shares and/or C shares, which have been approved by the Financial Conduct Authority.
The Perivan shareholder communications team was delighted to work with Joh. Berenberg, Gossler & Co. KG who acted as Financial Adviser and sole sponsor in connection with the migration and Travers Smith who acted as legal adviser to NAVF on the production of the prospectus, circulars and ancillary documents which were successfully published and posted to qualifying shareholders on 1st September 2023.
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