AVI Japan Opportunity Trust PLC Announcement of Placing (1539X)
April 26 2019 - 2:00AM
UK Regulatory
TIDMAJOT
RNS Number : 1539X
AVI Japan Opportunity Trust PLC
26 April 2019
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THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION.
26 April 2019
AVI Japan Opportunity Trust PLC (the "Company")
Announcement of Placing
On 17 April 2019, the Company announced that it was considering
raising additional capital through an issue of shares under its
Share Issuance Programme.
Since the Company's launch, there have been a number of positive
corporate governance developments in Japan and the Investment
Manager's conviction that there is a significant amount of unlocked
value in quality, over-capitalised Japanese companies has only
strengthened and it continues to identify a pipeline of attractive
opportunities in line with the Company's investment strategy.
Accordingly, the Company wishes to proceed with a placing of new
Ordinary Shares (the "Placing") under its Share Issuance Programme
to satisfy demand for new shares and to provide additional funding
for investment opportunities, which the Directors believe will over
time enable the Company to further diversify its existing
portfolio, spread the fixed costs of running the Company across a
wider base and increase secondary market liquidity for
investors.
Details of the Placing
The Placing will be made through the Company's joint placing
agents Nplus1 Singer Advisory LLP ("N+1 Singer") and Kepler
Partners LLP ("Kepler") (together "the Joint Bookrunners"). The
Placing will be launched immediately following this announcement.
The book build is expected to close at 3p.m. (London time) on 10
May 2019 but may be closed earlier or later at the discretion of
the Company and the Joint Bookrunners.
Ordinary Shares issued in the Placing ("Placing Shares") will
rank pari passu with the existing Ordinary Shares in issue.
The issue price per Placing Share will be at a premium to the
unaudited NAV per Ordinary Share at close on the day that the
Placing closes, which is expected to be 10 May 2019, and such
premium is expected to be sufficient to cover the anticipated costs
and expenses associated with the Placing.
The final number of Ordinary Shares being made available
pursuant to the Placing will be agreed between the Company and the
Joint Bookrunners following close of the Placing and announced
shortly thereafter.
The Joint Bookrunners may choose to accept applications, either
in whole or in part, on the basis of allocations determined in
agreement with the Company and may scale back any applications for
this purpose on such basis as the Company and the Joint Bookrunners
may determine. The Joint Bookrunners may also, notwithstanding the
above and subject to the prior consent of the Company: (i) allocate
new Ordinary Shares after the time of any initial allocation to any
person submitting an application after that time, and (ii) allocate
new Ordinary Shares after the Placing has closed to any person
submitting an application after that time. The Company's Board, in
consultation with the Joint Bookrunners, may also decide not to
proceed with the Placing for any reason. In this case, an
announcement will be made by the Company.
Applications will be made to the UK Listing Authority and to the
London Stock Exchange for admission of the Placing Shares to the
Official List and to trading on the London Stock Exchange's main
market for listed securities ("Admission"). It is expected that
Admission will become effective on 15 May 2019.
The Placing is being made pursuant to the Terms and Conditions
of the Share Issuance Programme set out in pages 79 to 86 of the
Prospectus. Investors are invited to apply for new Ordinary Shares
pursuant to the Placing by contacting their usual contact at the
Joint Bookrunners.
A copy of the Prospectus is available on the Company's website
https://www.ajot.co.uk/, subject to certain access restrictions. It
is also available for inspection at the Company's Administrator's
office, Link Company Matters Limited, Beaufort House, 51 New North
Road, Exeter, Devon, EX4 4EP. It can also be found at the National
Storage Mechanism via www.morningstar.co.uk/uk/NSM.
Expected timetable
Placing opens 26 April 2019
Placing closes 3p.m., 10 May 2019
-------------------
Result of Placing announced 13 May 2019
-------------------
Admission of new Ordinary Shares 15 May 2019
-------------------
Capitalised terms in this announcement, unless otherwise
defined, have the same meanings as set out in the Company's
prospectus dated 6 September 2018.
For further information please contact:
Asset Value Investors Tel: 020 7659 4800
Joe Bauernfreund
N+1 Singer Tel: 020 7496 3000
James Maxwell (Corporate Finance)
Alan Geeves / James Waterlow / Sam
Greatrex (Sales)
-------------------------
Kepler Partners Tel: 020 3384 8796
Hugh van Cutsem
-------------------------
Quill PR Tel: 020 7466 5058 / 020
Fiona Harris / Sarah Gibbons-Cook 7466 5060
-------------------------
LEI: 894500IJ5QQD7FPT3J73
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END
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