PROSPECT JAPAN FUND LD - Toho Real Estate - update
March 30 2016 - 8:58AM
PR Newswire (US)
For immediate release on 30 March
2016
The Prospect Japan
Fund Limited (the ‘Company’)
Toho Real Estate -
Update
In 2015 the Board announced that the court presiding over the
Company’s petition for the appraisal of the shares of Toho Real
Estate Co., Ltd. had granted an award to the Company of
JPY 100 per share over the tender
offer price (amounting to an aggregate of Yen 121.6 million) and that an appeal to this
ruling had been made.
The Company has now been notified by the Tokyo High Court of its
decision in the appeal case. The Tokyo High Court now
rules that the tender offer price amounted to fair value and has
therefore eliminated the award of JPY
100 per share. That award had been carried in
the Company’s weekly net asset value announcements and will now be
written off. The position amounted to approximately 0.9% of the
Company’s net asset value.
The Company intends to file an appeal to this
ruling.
Enquiries: |
|
Northern
Trust International Fund Administration Services (Guernsey)
Limited
Franczeska Hanford
+44 (0) 1481 745918
Stockdale Securities Limited
Alastair Moreton
+44 (0) 20 7601 6118 |
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