CC Japan Income & Growth Trust Fundraises To Broaden Investor Base (ALLISS)

LONDON (Alliance News) - CC Japan Income & Growth Trust PLC on Monday launched a fundraising, ...

Alliance News 4 February, 2019 | 12:27PM
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LONDON (Alliance News) - CC Japan Income & Growth Trust PLC on Monday launched a fundraising, which is said was to grow the size of the investment company and reduce ongoing charges per share.

CC Japan said NAV per share increased 41% to 138.14 pence as at the end of January from 98.25p reported in mid-December 2018, when the company listed on the London's Main Market.

"The directors and the investment manager are encouraged by the investment performance of the company and continue to see a compelling investment opportunity in Japanese equities, particularly given the company's focus on delivering both capital growth and income generation," CC Japan said in the statement Monday.

The company said it believes that a further increase in its size would continue to improve liquidity and enhance the marketability, resulting in a broader investor base. This should enable the company to grow further, thereby spreading ?xed costs over a larger capital base and reducing ongoing charges per share.

As a result, CC Japan Income said it has launched a share placing through Peel Hunt LLP, which will launch on Monday and close on Monday afternoon next week.

The company said it intends to place a maximum of 25.8 million shares with a price per share at a premium to NAV per share.

CC Japan Income shares were trading 0.7% lower on Monday at 137.56 pence each, giving it a market capitalisation of GBP178.9 million.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
CC Japan Income & Growth Ord 147.38 GBX -1.25

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