TIDMPJF 
 
For immediate release on 26 March 2015 
 
                The Prospect Japan Fund Limited (the `Company') 
 
                        Toho Real Estate Court Decision 
 
 
 
The Board announces that it has received notice that the court presiding over 
the Company's petition for the appraisal of the shares of Toho Real Estate Co., 
Ltd. (`Toho Real Estate') has reached a decision. 
 
As set out in the Company's recent annual and interim reports, the Company has 
been involved in the court proceedings with Toho Real Estate arising from the 
tender offer and the subsequent squeeze out transaction announced by Toho Co., 
Ltd. on 8 January 2013 to acquire all of the shares in its subsidiary, Toho 
Real Estate. At the time, the Company owned approximately 2.18% of Toho Real 
Estate and believed that the tender offer price of Yen 735 per share was 
unfairly low and would have the effect of squeezing out minority shareholders 
on unfair terms. The Company received the full cash value of the original 
tender price in 2013 but believed that this price was significantly below fair 
value. As a result the Company commenced court proceedings seeking the court's 
appraisal of the squeeze outprice. 
 
The court has now ruled in the Company's favour. The court has awarded the 
Company an aggregate amount of Yen 121,610,000 (US$ 1.03m) as an uplift to the 
tender offer price already received for its shareholding in Toho Real Estate. 
This amount represents an increase of 0.9% to the net asset value of the 
Company as at 20 March 2015. 
 
The parties to the court proceedingshave two weeks in which to appeal the 
decision and the Company is considering its options in that regard following a 
review of the full written court decision and consultation with its advisers. 
Pending a possible appeal the Company has decided to make no adjustment to its 
reported weekly net asset value and will make a further announcement in due 
course. 
 
 
 
Enquiries: 
 
Northern Trust International Fund AdministrationServices (Guernsey) Limited 
Franczeska King 
+44 (0) 1481 745918 
 
Westhouse Securities Limited 
Alastair Moreton 
+44 (0) 20 7601 6118 
 
 
 
END
Prospect Japan (LSE:PJF)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more Prospect Japan Charts.
Prospect Japan (LSE:PJF)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more Prospect Japan Charts.