AVI Japan Opportunity looking to expand – The board of AVI Japan Opportunity has announced a placing of shares in the company. Between today and 3pm on 10 May 2019 (or earlier if the company agrees) Nplus1 Singer Advisory and Kepler Partners will be working with the company to raise more money. Because the deal is structured as a placing, only professional investors will be able to participate. The placing price will be set at a premium to NAV plus the costs of the issue on the day that the placing closes, so it will not reduce the NAV for existing shareholders.
Explaining the reason for the issue, the board said: “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.” the fundraise will “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.”
AJOT : AVI Japan Opportunity looking to expand