LONDON – Asset Value Investors (AVI) has announced that BEENOS Inc. (TSE:3328), a holding in the AVI Japan Opportunity (SO:) Trust plc (AJOT) portfolio, has received a tender offer from LY Corporation (TSE:4689). The offer aims to acquire the entire company, with AJOT agreeing to sell its 9.3% stake.
BEENOS, a part of AJOT’s portfolio, represents 9.3% of AJOT’s net asset value (NAV) as of December 18, 2024. The tender offer price is set at ¥4,000 per share, a 19% premium over the closing price on the same date. If the share price aligns with the tender offer, AJOT’s NAV is expected to increase by 1.7%.
Since AVI’s investment in BEENOS in January 2024, the position has yielded a 122% return. AVI has been a significant shareholder, owning nearly 10% of BEENOS’s voting rights, and has actively engaged with the company’s board to enhance corporate value and shareholder returns.
This transaction showcases the potential benefits of AJOT’s strategy, which involves a concentrated portfolio of asset-backed Japanese small-cap companies and active engagement to capitalize on the increasing corporate activity within Japan.
AVI, founded in 1985 in London, has a long-standing history of investing in Japanese equities. The company manages several investment trusts, including AVI Global Trust plc and AJOT, with total gross assets valued at approximately £1.3 billion and £230 million, respectively, as of November 30, 2024. Both trusts are listed on the London Stock Exchange (LON:)’s main market.
The information for this article is based on a press release statement. The tender offer for BEENOS marks a significant event for AJOT and its investors, reflecting the ongoing corporate movements in the Japanese market.
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