Nippon Active Value shareholders approve double merger with abrdn and Atlantis Japan trusts
At the general meeting today (20 September), the two resolutions passed with 99.9% of votes cast in favour of each.
At the general meeting today (20 September), the two resolutions passed with 99.9% of the votes cast in favour of each, according to a regulatory filing.
Shareholders have authorised NAVF's directors to allot «relevant securities» to shareholders of the abrdn Japan trust and Atlantis Japan Growth fund, effective until 31 December 2023. The two vehicles will be wound up following the asset rollover.
Nippon Active Value eyes tweaks to investment policy following double merger
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. The investment policy change was also approved today, with 99.7% of the votes cast in favour.
The changes will allow the trust to operate on an unconstrained approach, with no benchmark or limits on sector weightings.
In the first half of the year, the Nippon Active Value trust reported a significant rise to its net asset value total return and share price total return of 6.7% and 23.2%, respectively.
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