- Market capitalisation of £149m (as at close of business 05.01.18)
- The issue price will be a premium of 2.0% to the NAV (cum-income) per Ordinary Share (as at close of business on 24.01.2018)
- Company has declared a total dividend of 3.45p per share for the year ended 31-10-17 (the new Ordinary Shares will not be entitled to the second interim dividend for that period)
- Shares are unhedged for underlying ¥ currency exposure
- Annual management fee of 75bps of NAV; no performance fee
- Continuation vote at the Company’s third AGM in 2019 (and every 3 years thereafter)
- Ability to buyback up to 14.99% of issued share capital (as at 22.03.17)
- Structural gearing of 20% of NAV (can go to maximum of 25%)
- Weakness and slow growth in the Japanese economy may affect the performance of the company.
- Pound, Yen exchange rate risk may affect the real value and performance of holdings.
- The company does not intend to hedge the currency risk.
- Past performance should not be seen as an indication of future performance.
- The Company may enter into long only contracts for difference or equity swaps for gearing and efficient portfolio management purposes. It mayalso use borrowing to seek to enhance investment returns. This will exaggerate market movements both up and down. Where the Company utilises such instruments, it is likely to take a credit risk with regard to the parties with whom it trades and may also bear the risk of settlement default.
- Share prices rise and fall and investment trusts can be subject to liquidity issues.