Nippon Active Value Fund announces Tender Offer for the shares of T&K TOKA CO., LTD

London / Tokyo, 6 January 2023: Nippon Active Value Fund PLC ("NAVF") today announces that, in conjunction with Hikari Acquisition K.K. and Michael 1925 LLC, (together the "Offerors") that it is to commence a tender offer (the "Tender Offer") at ¥1,300 per share for up to 4,911,564 common shares in T&K TOKA CO., LTD ("Toka") on January 10, 2023. Toka is a manufacturer of inks, resins and associated products and is listed on the Tokyo Stock Exchange (TSE 4636).

The maximum number of common shares in Toka which may be acquired under the tender is 4,911,564. The tender is conditional upon at least 4,007,064 Toka common shares being tendered. The offer will cease after 30 business days on 20 February 2023. As at 30 September 2022, Toka had approximately 22.4 million common shares in issue, excluding shares held in treasury.

It is planned that common shares in Toka to be purchased by each of the Offerors in the Tender Offer will be allocated as follows:

Nippon Active Value Fund Plc                     59.3%

Michael 1925 LLC                                       29.5%

Hikari Acquisition K.K.                               11.2%

Michael 1925 LLC is an investment vehicle advised by Rising Sun Management Limited, the investment adviser to NAVF. Hikari Acquisition K.K. is a wholly owned subsidiary of Rising Sun Management Limited.

The formal Tender Offer Statement is expected to be filed by the Offerors on 10 January 2023.

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NOTES TO EDITORS

About NAVF

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.

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