In this edition of the Peel Hunt podcast Anthony Leatham, Head of Invest Companies Research, speaks with Paul ffolkes Davis, chairman of Rising Sun Management, the investment advisor to NAVF. The discussion focuses on recent stock examples, the attitude of market participants, and regulators to activism, as well as the prospect of a considerable reduction in the number of listed companies on the Japanese equity market.
All investment is subject to risk. The value of the shares in Nippon Active Value Fund plc (the “Company”) may go down as well as up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Company’s shares will fully reflect their underlying net asset value. There is also no guarantee that the Company’s investment objective will be achieved. Potential investors are advised to seek expert financial advice before making any investment decision and should be aware that they may not fully recover the amount invested.
Nippon Active Value Fund plc, registered in England and Wales, Registered Number: 12275668, 4th Floor, 46-48 James Street, London, England, United Kingdom, W1U 1EZ.
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As some of the Company’s investments may be unquoted, net asset value figures in relation to the Company may be based wholly or partly on estimates of the values of the Company’s investments, which estimates may themselves have been subject to no verification or auditing process or may relate to a valuation at a date before the relevant net asset valuation for the Company, or which have otherwise been estimated by the Company’s advisers. Other information on this website may be historic and/or may no longer be of relevance. The Company reserves the right to add to, modify or delete any information on this site at any time.
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As a result of the Financial Conduct Authority (“FCA“) rules determining which investment products can be promoted to retail investors, certain investment products are classified as “non-mainstream pooled investment products” and face restrictions on their promotion to retail investors. The Company has concluded that the distribution of its shares, being shares in an investment trust, is not restricted as a result of the FCA rules described above. The Company currently conducts its affairs so that the shares issued by the Company can be recommended by financial advisers to retail investors and intends to continue to do so for the foreseeable future.
No securities of the Company have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act“) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.
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Shore Capital Stockbrokers Limited (“Shore Capital“), which is authorised and regulated by the Financial Conduct Authority (FCA number 1446629), is acting exclusively for the Company and no-one else in connection with the Placing Programme as defined and described in the Prospectus. Shore Capital will not be responsible to anyone other than the Company for providing the protections afforded to clients of Shore Capital or for providing advice in relation to the Placing Programme.
Joh. Berenberg, Gossler & Co. KG, London Branch (“Berenberg“) which is authorised by the German Federal Financial Authority (BaFin) and which is authorised and regulated by the Financial Conduct Authority (FCA number 959302), is acting exclusively for the Company and no-one else in connection with the Schemes and the Placing Programme as defined and described in the Prospectus. Berenberg will not be responsible to anyone other than the Company for providing the protections afforded to clients of Berenberg or for providing advice in relation to the Schemes, the Placing Programme or the other arrangements described in the Prospectus.
Apart from the responsibilities and liabilities, if any, which may be imposed on Shore Capital or Berenberg by the Financial Services and Markets Act 2000, as amended, or the regulatory regime established thereunder, neither Shore Capital nor Berenberg accepts any responsibility whatsoever for the contents of this website or the Prospectus or for any statement made or purported to be made by it, or on its behalf, in connection with the Company, the Schemes, the Placing Programme or any other transaction or arrangement referred to in the Prospectus. Each of Shore Capital and Berenberg accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of such material or any such statement.
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Any investment in the Company is subject to various risks, not all of which are outlined in the Presentation. All such risks should be carefully considered by investors before they make any investment decision. The content of the Presentation is not to be construed as legal, business, or tax advice, and each investor should consult its own attorney, business advisor, and tax advisor as to its own independent legal, business, and tax advice.
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