AVI JAPAN OPPORTUNITY TRUST PLC
(the "Company")
Update on Shareholder consultation regarding the 2022 Exit Opportunity
At the launch of the Company in November 2018, the Prospectus published at that time stated that the Directors may, at their discretion and depending on demand, offer a full or a partial exit opportunity to Shareholders in October 2022 and every two years thereafter (the "Exit Opportunity"). In the Company's July 2022 factsheet, the Board stated that the rationale behind the Exit Opportunity was to ensure that, if the Company's original investment thesis did not generate the expected returns, or if circumstances had changed to make Japan unattractive, then Shareholders would be offered the opportunity to exit at close to NAV if they wish.
In the July Factsheet it was also noted that given the share price was trading at, or close to, NAV the Board hoped that any Shareholders wishing to exit would be able to sell their shares in the secondary market, without AJOT and exiting Shareholders incurring the expense of a more complicated mechanism. Further, AJOT's joint placing agents, Singer Capital Markets and Kepler Partners, would consult with Shareholders to canvass opinion about a possible exit and as detailed in the Prospectus, a strategy would be developed based on the demand, underlying liquidity of AJOT's investments and other factors.
Since then, the share price has continued to trade at, or close to, NAV, and the Company and its joint placing agents have consulted with the largest institutional and private wealth shareholders, representing a significant majority of the shares in issue. The Board is pleased to note that all Shareholders who expressed an opinion stated that they would be supportive of the Company forgoing the administrative burden and expense of an Exit Opportunity at this time.
The next Exit Opportunity will be put to Shareholders in two years' time as per the Company's IPO Prospectus. Any Shareholder that has not been consulted but wishes to contribute to the process should contact their broker.
The Board would like to thank all Shareholders for their support since the IPO and reiterate the expectation that the Company will continue to build on the success of the past four years.
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For further information please contact:
Joe Bauernfreund, Asset Value Investors
Tel: 020 7659 4800
Fiona Harris, Quill PR
Tel: 020 7466 5058 / 07792 523455
Sarah Gibbons-Cook, Quill PR
Tel: 020 7466 5060/ 07769 648806
Andreea Caraveteanu, Quill PR
Tel: 020 7466 5059 / 07902 142991
The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the content of the Update referred to above, is neither incorporated into nor forms part of the above announcement.
LEI: 894500IJ5QQD7FPT3J73
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