LONDON - Asset Value Investors (AVI) has announced that BEENOS Inc. (TSE:3328), a holding in the AVI Japan Opportunity (SO:FTCE11B) 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:LSEG)'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.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.