AVI Japan Confirms Fundraise Plans Just Six Months After IPO (ALLISS)

LONDON (Alliance News) - AVI Japan Opportunity Trust PLC confirmed Friday it is to raise funds ...

Alliance News 26 April, 2019 | 2:30PM
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LONDON (Alliance News) - AVI Japan Opportunity Trust PLC confirmed Friday it is to raise funds after identifying new investment opportunities in Japan.

AVI last week said it was mulling issuing shares for cash, having invested 98% of the funds raised when it joined the London Stock Exchange last October.

The joint placing agents will be N+1 Singer Advisory LLP and Kepler Partners LLP, with a bookbuild launching immediately. AVI expects the bookbuild to close at 1500 BST on May 10.

The issue price is not yet confirmed, but will be at a premium to AVI's net asset value per share on the day the bookbuild closes. The number of shares has also not been confirmed.

Shares were 0.2% higher on Friday afternoon, at a price of 104.75 pence each.

"Since the company's launch, there have been a number of positive corporate governance developments in Japan and the investment manager's conviction 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," said AVI.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
AVI Japan Opportunity Ord 106.75 GBX -0.47 -

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