London Stock Exchange welcomes Nippon Active Value Fund plc to the Specialist Fund Segment of the Main Market

The London Stock Exchange today welcomes Nippon Active Value Fund plc (‘NAVF’), a new investment trust targeting high levels of capital growth for shareholders from activist investing in quoted small cap Japanese equities. The ordinary shares of NAVF will be listed on the Specialist Fund Segment of the Main Market.

The investment adviser, Rising Sun Management Ltd (‘Rising Sun’), will target companies which are attractive and undervalued, encouraging and enabling the restructuring of balance sheets and redeployment of cash flows to deliver value. Rising Sun comprises a team with significant experience in Japan and a deep understanding of activist strategies that can unlock trapped value.

James Rosenwald III, CIO of Rising Sun, commented: “Corporate activism is most exciting today because Japanese corporations and Japanese activists are getting into the mix. To see the local players becoming publicly involved in changing corporate agendas to the benefit of shareholder and stakeholder value, vindicates our strategy. Japan has some of the most valuable assets in the world, trading at the lowest valuations, and there is a particular opportunity with companies that are below $1billion, as these small caps can be below the radar.

My team has been involved in the Japanese equity market for the past 30+ years and there has never been a time of such M&A deal flow domestically as can be seen today. The floodgates have begun to open.”

Rosemary Morgan, Chair of Nippon Active Value Fund, added: “I am delighted to be chairing this highly experienced board and we are excited to work with the Rising Sun Management team who have a strong track record of activist investing in Japan.”

The IPO raised gross proceeds of £103 million. Shore Capital acted as financial adviser and sole bookrunner.

Quick facts

Track
Market: SFM
Instrument market cap (£m)
110.73
Listing/Admission to trading
21 Feb 2020
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