Nippon Active Value nears £300m in assets following double merger

investmentweek.co.uk:

This makes NAVF the second largest trust in the AIC Japanese Smaller Companies sector, trailing only Baillie Gifford Shin Nippon, which holds £522m in assets.

Following shareholder approval for the schemes of reconstruction of AJIT and AJG today (10 October), NAVF will acquire approximately £118.4m, resulting in total net assets of £293.8m. 

This makes the trust the second largest in the AIC Japanese Smaller Companies sector, trailing only Baillie Gifford Shin Nippon, which holds £522m in assets. 

Nippon Active Value shareholders approve double merger with abrdn and Atlantis Japan trusts

As a result of the Atlantis Japan Growth scheme, Nippon Active Value will acquire approximately £61.6m of net assets from the trust, and £56.8m of net assets from abrdn Japan. 

Rosemary Morgan, chair of Nippon Active Value, said: «We are delighted to have had the support of both the AJIT and the AJG shareholders and are pleased to welcome all new shareholders to NAVF. 

»The combined merger, which has resulted in the company's net assets growing to approximately £294m, puts the company on an excellent footing for the future and will facilitate the continued investment in an exciting pipeline of opportunities in the Japanese market."

At the beginning of September, NAVF informed its shareholders that, if shareholders approved the mergers, it would adjust its investment policy to reflect the sizeable increase in assets. 

Nippon Active Value eyes tweaks to investment policy following double merger

The changes will allow the trust to operate on an unconstrained approach, with no benchmark or limits on sector weightings.

After the completion of the mergers, Claire Boyle and Noel Lamb will join the board of NAVF, with effect from today. Boyle