24 February 2023
LEI: 213800JOFEGZJYS21P75
Nippon Active Value Fund plc
(the "Company")
Tender Offer Result
As per the Company's announcement on 6 January 2023, the Company in conjunction with Hikari Acquisition K.K. and Michael 1925 LLC, (together the "Tender Offerors") launched a tender offer (the "Tender Offer") at ¥1,300 per share for up to 4,911,564 common shares in T&K TOKA CO., LTD ("Toka ").
The terms of the Tender Offer included the condition that, if the total number of tendered shares was less than the minimum number of shares to be purchased (4,007,064 shares), the Tender Offer would not proceed. The total number of tendered shares was 2,600,705 shares and, accordingly, the Tender Offerors will not proceed to purchase any of the tendered shares.
The purpose of launching the Tender Offer was to emphasize our wish to see Toka improving its capital allocation policy. The Tender Offerors intend to continue to seek improvement in Toka's capital allocation policy and to support the Toka in delivering greater shareholder value.
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NOTES TO EDITORS
About NAVF
Nippon Active Value Fund ("NAVF") is an Investment Trust listed on the Specialist Fund Segment of the London Stock Exchange. The investment advisor of the Fund is Rising Sun Management Limited. NAVF is targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of quoted small cap Japanese equity investments. The investment advisor, Rising Sun Management Limited, targets companies which are attractive, undervalued and have a substantial proportion of their market capitalisation held in cash and/or listed securities and/or realisable assets.
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