Nittofc (4033) (2.3% of NAV) announced on 7th May 2019 that it received a tender offer for all of its outstanding shares at ¥1,200 per share, representing a 37.6% premium to the undisturbed price. We have been acquiring shares in Nittofc since launch in October 2018 and built a stake at an average price of ¥772 per share. We sold the entire position in Nittofc on 9th May 2019 for a price of ¥1,202, crystallising a +57% gain in both JPY and GBP. The investment added +1.2% to AJOT’s NAV.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’