19 Aug 2016 17:08
ATLANTIS JAPAN GROWTH FUND LD - 30 September 2016 Redemption Facility DetailsATLANTIS JAPAN GROWTH FUND LD - 30 September 2016 Redemption Facility Details
PR Newswire
London, August 19
ATLANTIS JAPAN GROWTH FUND LIMITED (the “Company”)(An authorised closed-ended investment company incorporated in Guernsey with registration number 30709)
30 September 2016 Redemption Facility Details
19 August 2016
The Company confirms that the next Redemption Point will be 30 September 2016. If Shareholders are in any doubt about the action they should take, they should immediately consult their stockbroker, bank manager, solicitor, accountant or other independent financial adviser who is (if they are taking advice inside the United Kingdom) authorised under the Financial Services and Markets Act 2000 or, if they are taking advice in a territory outside the United Kingdom, is an appropriately authorised independent financial adviser.
Under the redemption terms announced on 17 December 2014, Shareholders may request redemptions at the 30 September 2016 Redemption Point of up to 5 per cent. of their holding of Ordinary Shares held at 31 March 2016 and held continuously at all times since that date, rounded down to the nearest whole number (the ‘‘Basic Entitlement’’) subject to an Exit Charge of 4%.
Shareholders are also entitled to request the redemption of Ordinary Shares in excess of their Basic Entitlement to the extent that other Shareholders redeem less than their Basic Entitlement or do not seek to redeem their Ordinary Shares at the 30 September 2016 Redemption Point (an “Excess Request”). However the Exit Charge on Excess Requests will be the rolling average 90 day discount, subject to an Exit Charge cap of 10%. Please note that based on current discount levels, the Exit Charge for Excess Requests is likely to be higher than the Exit Charge for the Basic Entitlement.
SHAREHOLDERS SHOULD NOTE THAT IF THEY ELECT TO REDEEM THEIR SHARES THROUGH THE REDEMPTION FACILITY, THEY WILL LOSE THE SUBSCRIPTION RIGHTS ASSOCIATED WITH ANY SHARES WHICH ARE REDEEMED BY THE COMPANY. THE SUBSCRIPTION RIGHT WILL ENABLE SHAREHOLDERS TO SUBSCRIBE FOR ONE NEW SHARE FOR EVERY FIVE SHARES HELD (AND NOT SUBJECT TO REDEMPTION PURSUANT TO THE REDEMPTION FACILITY) ON 3 OCTOBER 2016.
SHAREHOLDERS SHOULD NOTE THAT THE KEY STATISTICS RELATING TO THE COMPANY’S NAV PER SHARE, SHARE PRICE AND THE PRICE AT WHICH THE SUBSCRIPTION RIGHT IS EXERCISABLE ARE SET OUT BELOW. THE NAV PER SHARE AND SHARE PRICE ARE AS OF CLOSE OF BUSINESS ON 18 AUGUST 2016, BEING THE LATEST PRACTICABLE DATE AND TIME BEFORE THE ISSUANCE OF THIS ANNOUNCEMENT:
| NAV per Share | 162.11p |
| Share price | 149.50p |
| Subscription price | 143.76p |
The details and timetable relating to the 30 September 2016 Redemption Point are further summarised in the table below:
| Redemption Point: | 5.00pm on 30 September 2016 |
| Exit Charge | 4% on redemptions under the Basic Entitlement Rolling 90 day average discount, calculated in accordance with the Company’s existing discount control mechanism, subject to an Exit Charge cap of 10% for Excess Requests* |
| Limit on total redemptions: | 5% of the issued capital at the Redemption Point |
| First date for receipt of redemption requests (20 days prior to Redemption Point): | Monday 12 September 2016 |
| Last date for receipt of redemption requests (10 days prior to Redemption Point) | 3.00pm on Tuesday 20 September 2016 |
* Please note that based on current discount levels, the Exit Charge for Excess Requests is likely to be higher than the Exit Charge for the Basic Entitlement.
Redemption proceeds are expected to be paid out in one payment once all assets in the redemption pool have been realised.
Copies of the redemption request form can be obtained from the Company’s website (www.atlantisjapangrowthfund.com). Copies of the Circulars dated 30 November 2010 and 22 February 2013 (the “Circulars”) can also be found on the Company’s website.
Further details of the redemption facility process can be found in the Circulars in addition to the announcement released by the Company on 17 December 2014.
Enquiries
Website: www.atlantisjapangrowthfund.com
Corporate BrokerSue InglisCantor Fitzgerald EuropeTel: +44 (0) 20 7894 8016
Company SecretaryCara De La MareNorthern Trust International Fund Administration Services (Guernsey) LimitedTel: +44 (0)1481 745498