3rd Mar 2020 15:52
(Alliance News) - AVI Japan Opportunity Trust PLC said it plans to raise gross proceeds of up to GBP30 million through a placing, subscription and intermediaries offer of up to 30 million shares.
Additionally, the trust said it will place up to 85 million ordinary shares and C shares to satisfy market demand, and to allow the company to raise more capital once the proceeds realised from the GBP30 million fundraise has been committed.
The net proceeds realised from the fundraise will be used to invest in cash-rich companies and growing companies.
"The board is excited to take this next step in growing the company. The additional capital from the initial issue, as well as the flexibility provided by the placing programme, will allow the company to identify and invest further funds in undervalued, cash rich and high-quality Japanese-listed equities, that can benefit from improving corporate governance and shareholder activism," said Chair Norman Crighton.
The proposed fundraise is subject to shareholder approval.
Shares in AVI Japan were up 5.1% at 100.92 pence each on Tuesday afternoon in London.
By Ife Taiwo; [email protected]
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