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Portfolio Update
RNS Number : 4327O
Nippon Active Value Fund PLC
09 February 2021
 

Nippon Active Value Fund plc

 

LEI: 213800JOFEGZJYS21P75

 

Portfolio Update

 

Nippon Active Value Fund plc (the "Company") is pleased to announce that this afternoon in Tokyo (9 February 2021), Mr. Shintaro Matsuki, President of Sakai Ovex Co., Ltd. ("Sakai Ovex"), through his special purpose company, Sakai Textile Co., Ltd., launched a tender offer at ¥ 2,850 per common share for all of the outstanding equity capital of Sakai Ovex. 

 

The Company, via its adviser, Rising Sun Management Ltd, had previously recommended a management buyout of Sakai Ovex to be executed at ¥ 2,350 per share. The Company has now withdrawn this proposal and accepted the new tender offer for its entire holding of 389,800 common shares, representing 6.06% of Sakai Ovex's outstanding equity capital. The tender offer price is a premium of approximately thirty-eight percent (38%) over NAVF's average cost of ¥ 2,059 per share.

 

Enquiries:

 

Tom Daish / Sylvanus Cofie

PraxisIFM Fund Services (UK) Limited

020 4513 9260

 

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