LEI: 213800JOFEGZJYS21P75

10 June 2022

Nippon Active Value Fund plc

AGM announcement

The Board of the Nippon Active Value Fund plc (the "Company" or "NAVF") is holding its annual general meeting at 12.00 BST today.  In addition to the formal business of the meeting and a presentation by the investment adviser, Rising Sun Management Limited ("RSM"), the following announcement will also be made to the meeting:

The Board of NAVF is pleased to announce that it has reached an agreement with RSM and Dalton Investments, LLC ("Dalton"), an investment advisor based in Santa Monica, California, whereby Dalton clients will now be able to invest in the shares of Japanese listed companies whose securities are already owned by the NAVF, subject to prior approval by the NAVF's Board. Similarly, the Company will also be able to purchase securities already held by Dalton's clients, again subject to approval by NAVF's Board. Dalton is a value-focused global investment firm with expertise in Asian equities and Dalton clients currently hold more than two billion dollars in quoted Japanese equity securities. The Chief Investment Officer of RSM is James B. Rosenwald, III, who is also the Managing Partner and co-Founder of Dalton.

This agreement is in addition to the existing arrangement between NAVF and RSM that permits certain US-based special purpose vehicles to invest in shares in NAVF's target companies and so enables external capital to be brought to bear in activist investment situations.  The NAVF Board believes that this new agreement with RSM and Dalton will be similarly advantageous as it will allow greater flexibility and potentially larger positions which will further the activist strategy of the Company. 

A video copy of the presentation from RSM will also be made available on the Company's website.

ENDS

Contacts:

Sanne Fund Services (UK) Limited

6th Floor, 125 London Wall, London, EC2Y 5AS

Tel: 020 3327 9720

Peregrine Communication

35 Inverness St., London NW1 7HB

Tel: 020 3178 6868

 Attn: William McIntosh

NOTES TO EDITORS

Nippon Active Value Fund ("NAVF") is an Investment Trust listed on the Specialist Fund Segment of the London Stock Exchange. The investment advisor of the Fund is Rising Sun Management Limited. NAVF is targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of quoted small cap Japanese equity investments. The investment advisor, Rising Sun Management Limited, targets companies which are attractive, undervalued and have a substantial proportion of their market capitalisation held in cash and/or listed securities and/or realisable assets.