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(Alliance News) - AVI Japan Opportunity Trust PLC on Wednesday said it is to raise funds in November to satisfy investor demand.
The company, which would use funds for further investments, said the price will be determined in future, but will be at an appropriate premium to net asset value. This will likely be around 2%, and not above 5%.
Shareholder Finda Oy, which owns over 10% of AVI Japan, has indicated a willingness to invest GBP13 million. Because it owns over 10%, AVI Japan will have to ask shareholders to approve the placing of up to 14.4 million new shares to Finda.
Shareholders will vote on the matter at a general meeting on October 28. They will also vote on whether to extend the board's ability to issue shares, as it will have reached its 16 million share limit once another placement is carried out.
AVI Japan was up 0.5% late on Wednesday in London at 105.32 pence a share.
By George Collard; georgecollard@alliancenews.com
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