PJF Prospect Japan

For immediate release on 30 December 2015
 

The Prospect Japan Fund Limited

Link Up Loan Investment

Prospect Japan Fund Limited (the ‘Company’) reported in its most recent Monthly Review, published on 9 December 2015, that the Link Up Loan was in default and that the Company had commenced legal action to enforce its rights to the collateral which comprised shares in Tri-Stage Inc. (2178).  The Company is pleased to announce that it has now received the collateral shares in Tri-Stage in lieu of the repayment of the Link Up Loan.

In the Company’s most recently published net asset value on 24 December 2015, the Link up Loan, including accrued interest and late charges, was valued at Yen 1,175.5m (approximately $9.8m) and comprised approximately 8.2% of total assets. 

The Tri-Stage shares will now replace the Link up Loan position and based on the market value of the shares as at 30 December 2015 represents a net uplift to the NAV of the Company of approximately 2.9%.