AVI first invested in TBS in January 2017.
Our analysis concluded that TBS’ operating business is dwarfed by their securities portfolio and real estate.
The shares of TBS were trading at a 36% discount to our calculated net asset value (NAV). We determined that there was balance sheet inefficiency and several corporate governance issues that could be addressed.
Over the year, AVI has sought to instigate changes in the corporate governance at TBS. We have actively engaged with the Board of TBS to discuss various actions to enhance corporate governance and balance sheet efficiency. Subsequently, TBS cancelled all of the treasury shares which amounted to 8.3% of the share capital.
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’