14th Mar 2014 10:02
LONDON (Alliance News) - Baillie Gifford Shin Nippon PLC Friday said it has begun looking for a successor for Chairman Barry Rose, who will be resigning from the board at the company's annual general meeting in May.
The investment trust said it hopes to find a successor in coming months so there can be "a suitable period of continuity during the transition."
Rose joined the company's board in 1998 and became chairman in 2009.
Reporting its results for the year ended January 31, Shin Nippon said its net asset value per share, after deducting borrowings at fair value, rose by 45.5%, whilst the comparative index rose by 17.3% in sterling terms.
The company's comparative index is the MSCI Japan Small Cap Index (total return in sterling terms).
In his last statement as Chairman, Rose said the company's yen borrowings were beneficial to performance and stock selection was very strong.
"Baillie Gifford Shin Nippon is very much a stock picking fund. The strategy is to identify and invest in smaller companies that have competitive advantage, strong managements and potential for growth. It is not founded on the fundamentals of the Japanese market itself. I am pleased to report that the managers are still finding attractive companies in which we can invest and, despite the sharp market rise, share price ratings are not excessive," Rose said in a statement.
Shin Nippon aims to achieve long term capital growth through investment principally in small Japanese companies which are believed to have above average prospects for growth.
Its shares were down 2.5% at 306.01 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Update by Samuel Agini; [email protected]; @samuelagini
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