Announcement of MBO Proposal

RNS Number : 5474G

Nippon Active Value Fund PLC

26 November 2020

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

Nippon Active Value Fund Plc ("NAVF")

Announcement of MBO proposal

LEI: 213800JOFEGZJYS21P75

Rising Sun Management Ltd  ("RSM") as advisor to NAVF has today sent a proposal to Sakai Ovex Co., Ltd ("SO"), a company in which NAVF currently holds in excess of 5 per cent. of issued share capital, proposing that its board consider a management buyout of the whole company backed in part by NAVF. RSM has proposed that the offer would be priced at Yen 2,350 per share, a 12 per cent. premium to the closing bid price of the shares on 25 November 2020, valuing SO at approximately £103 million at prevailing exchange rates, and that the company would be de-listed from the Tokyo Stock Exchange.

Enquiries:

Brian Smith / Tom Daish PraxisIFM Fund Services (UK) Limited

020 4513 9260

 

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