Redemption Facility Results

RNS Number : 5763G

Atlantis Japan Growth Fund Ld

02 July 2012

 



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

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

Redemption of Ordinary Shares

2 July 2012

The Directors of the Company announce that following the closure of the fifth redemption request date (29 June 2012), the Directors have approved the redemption opportunity as at 29 June 2012.  A total of 16,536,591 ordinary shares ("shares") of no par value were validly lodged for redemption, representing 18.92 % of the Company's shares in issue (8.09% of the shares in issue prior to the first redemption facility in February 2011).  Accordingly, 18.92% of the Company's net assets have been transferred to the Redemption Pool with effect from 5.00pm on 29 June 2012.

Following this redemption, there are now 70,872,274 ordinary shares in issue and this figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. There are also 1,288,184 shares held in treasury.

As soon as practicable after the realisation of the assets held in the Redemption Pool, the Company will notify the relevant Shareholders of the Redemption Price per Share and will dispatch the net redemption monies to those Shareholders whose shares have been redeemed. The Company may make interim distributions in respect of the Redemption Pool.

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]

 

END

 

 

MSCKMGZVVLZGZZM