Following its announcement on 14 October that it intended to offer shareholders annual tender offers (click here to see our coverage), AVI Japan Opportunity (AJOT) has now published details of the proposed tender along with a circular in relation to this. Shareholders have the opportunity to tender some, none or all of their shares at a tender price equal to a two per cent. discount to the prevailing net asset value per share at the calculation date, less any transaction costs directly associated with realising the assets needed to satisfy the tender offer. AJOT says that none of its directors nor its investment manager will tender any of their own shares during this process. AJOT says that, should the aggregate number of shares tendered result in total net assets being below £50m, it reserves the right to terminate the tender offer and, in these circumstances, the board will instead put forward alternative proposals to shareholders for the future of the trust. The tender offer requires shareholder approval a general meeting is to be held at the offices of Singer Capital Markets, 1 Bartholomew Lane, London EC2N 2AX at 11am on 10 December 2024 for this purpose.