CC Japan Income & Growth Trust Share Offer - Now Closed

Subscribe for future offers from Cornhill Capital

This offer is now closed however, you can subscribe to hear about future IPO’s and placings direct from Cornhill Capital. No obligation to trade.

By submitting your personal information, you agree that Cornhill Capital may contact you regarding relevant content, products and special offers. You also agree that your personal information may be processed in the United Kingdom, and that you have read and agree to our Privacy Policy.

The CC Japan Income & Growth Trust share offer

27th May 2018

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM)

CC Japan Income & Growth Trust - Offer Overview

  • Issuer: CC Japan Income & Growth Trust Plc
  • Asset Class: Investment Trust
  • Share Issue: New Ordinary Shares
  • Offer Price: A premium of 2% to the NAV (cum-income) per ordinary share
  • Cornhill Capital are acting as Intermediaries on this issue

Expected Timetable

  • Offer Open

    9th January 2018

  • Books Close:

    24th January 2018

  • Allocation announced:

    25th January 2018

  • Trading begins:

    29th January 2018


About CC Japan Income & Growth Trust Plc

Company website: https://www.ccjapanincomeandgrowthtrust.com/about-cjigt

The investment objective of the company is to provide shareholders with dividend income combined with capital growth, mainly through investment in equities listed or quoted in Japan. In addition to investing in equities the company may also invest into exchange traded funds in order to gain exposure to such equities and it may also invest into Japanese Real Estate Investment Trusts. The company intends to pay dividends on a semi-annual basis. For the financial year ended 31st October 2017 the company has declared a final dividend of 3.45p per share, representing a growth of over 15% for the preceding financial period.

The Company’s portfolio is managed by Richard Aston, who currently manages the CC Japan Income & Growth Fund and works with Jonathan Dobson to manage the CC Japan Alpha Fund. He has 20 years’ of experience in Japanese equities and a total of 25 years of investment management experience.

Use of Proceeds:

The company expects to use the proceeds for the expansion of its current portfolio.

Highlights
  • 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%)

Risks*
  • 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.

*Please note that these risks represent the judgement of Cornhill Capital, there may be additional risks represented in the prospectus


Offer Documents

Important information

Our service at a glance

Ready to invest?

To apply for shares, please follow this link below.


Need more help?

Please complete if you require further information or help from a member of staff who will talk you through the process, alternatively please call the new issues team on 020 3700 2500 :

We value your privacy and would never spam you

Cornhill Capital Limited is authorised and regulated by the Financial Conduct Authority (FRN 449720) and a member of the London Stock Exchange, Nex Exchange & Nasdaq Copenhagen.
Registered in England and Wales under registered number 5267797. Registered Office: 4th Floor, 18 St Swithins Lane, London, EC4N 8AD.


See What Our Clients Have to Say

I have been dealing with Cornhill for two years now and I’m very happy with the service. I’m confident that my account manager has my interests at heart and I appreciate the personal attention provided. I also get access to new issues, placings and market information usually only available to institutional investors. I would recommend Cornhill to active investors.

Mr. James Private Investor

Cornhill provide an excellent service for clients wishing to invest in IPOs and placings which are not generally available through the large retail client stock brokers. The terms and discounts available are generally the same as those offered to institutional investors, furthermore the AIM quoted investment opportunities often qualify or EIS tax reliefs.

Mr. Tim Private Investor

Risk Warning pre-IPO’s, IPO’s & Secondary Issues

Investments in pre-IPO’s and IPO’s involve a high degree of risk and are not suitable for all investors. A pre-IPO issue is the funding given to the company before listing. There is no guarantee that the company will list, but if it does then there is normally an increase from the pre-IPO to the IPO price, representing a profit. However, even when a company is listed on, say,  the AIM market, it is considered to be a high-risk investment, and will have wider spreads on price and be more illiquid and it may be difficult to sell the shares on a short-term basis and in some circumstances it may be difficult to sell at any price. All investments made into an IPO or new issue or in a secondary issue should always be made solely on the basis of the information provided in the relevant prospectus and any other supplementary documentation. The specific risks will be detailed in the prospectus but the value of your investment can go down as well as up and you may not get back the money you invested.  You should be sure that you fully understand the purpose of, and the reason for, the fundraising. Before you decide to invest you should obtain information regarding the business plan and note the risk factors. If you have any doubts about the suitability of an investment you should seek professional advice.

This announcement has been published by Cornhill Capital Limited.

This announcement has been prepared and is the sole responsibility of Cornhill Capital Limited of 4th Floor, 18 St Swithins Lane, London, EC4N 8AD, which is an authorised person for the purposes of the Financial Services and Markets Act 2000.

This announcement is not an offer of securities for sale in the United States. The securities to which this announcement relates have not been registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not he offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States.