Distribution

RNS Number : 5621J

Atlantis Japan Growth Fund Ld

08 August 2012

 



ATLANTIS JAPAN GROWTH FUND LIMITED ("AJGF" or the "Company")

(A closed-ended investment company incorporated in Guernsey with registration number 30709)

Full Distribution from the 29 June 2012 Redemption Pool

8 August 2012

The Board of Atlantis Japan Growth Fund Limited announce that they have approved the full payment ("full distribution") of equivalent to 89.45 pence per share (US 138.89 cents), in respect of those ordinary shares which were validly accepted for redemption at the Redemption Point, 29 June 2012.

This payment follows the sale of all the investments held in the Redemption Pool and no further distribution payments will be made from this redemption pool.

This full distribution is expected to be paid on or around 17 August 2012

The amount to be applied to the full distribution comprises the monies received from the realisation of all the Company's investments in the Redemption Pool, less any funds used or required to settle any liabilities (including the running costs of the Redemption Pool since 29 June 2012).

Future Redemptions

The Board wishes to make clear that it has no intention of terminating the redemption facility approved by shareholders on 15 December 2010 or of increasing the Exit Charge of two per cent as set out in the circular to shareholders dated 30 November 2010.

While the Directors retain the right to terminate the redemption facility they would not envisage doing so without giving shareholders a final opportunity to redeem on the terms contained in the circular. The redemption facility is working efficiently as a mechanism whereby shareholders are able to dispose of some or all of their shares without being dependent on the market liquidity of AJGF shares and as such the Directors hope that in time new issuance as well as redemptions will be possible if there are significant imbalances of supply and demand.

The central objective of the redemption facility was to encourage investors to use the Company as a good way of offering exposure to Japanese equities by removing the risk that they might only be able to dispose of their shares at a significant discount to NAV.  The Board is respectful of long term shareholders who are optimistic about the prospects for Japanese equities but also hopeful that new shareholders will appear on the register who share the Manager's confidence on the better outlook for the Japanese market.

Enquiries

Andrew Maiden

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel:       [phone]

Email:   [e-mail]

 

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