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AVI Japan Opportunity Trust PLC (AJOT) is an LSE Main Market listed investment trust run by Asset Value Investors (AVI), established to provide shareholders with capital growth through investing in a focussed portfolio of overcapitalised small-cap Japanese equities. AVI leverages its three decades of experience investing in asset-backed companies to engage with company management and help to unlock value for all stakeholders.

Fidelity Japan Trust PLC (FJV) is also an LSE Main Market listed investment trust. The Trust has a ‘growth at reasonable price’ (GARP) investment style and approach – which involves identifying companies whose growth prospects are being under-appreciated or are not fully recognised by other investors. Although these companies may exist in all areas of the market the investment process often naturally leads the Trust to focus on medium-sized and smaller companies, where lower levels of analyst coverage creates more frequent or greater mispriced growth opportunities.

On 12 August it was announced that AJOT had entered into non-binding heads of terms with FJV in respect of a proposed combination to combine the two businesses via a rollover of the assets of FJV into AJOT.

Publication of the Prospectus

Having assisted with the AJOT annual report production since the start of the company’s corporate journey as a listed company, the Perivan shareholder communications team were delighted to be involved with the documentation for this deal. Perivan worked alongside Singer Capital Markets and Stephenson Harwood to successfully mail to qualifying shareholders on 14 October 2025.

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Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies and are a market leader for the production of documentation relating to Mergers & Acquisitions.