7 March 2023

LEI: 213800JOFEGZJYS21P75

Nippon Active Value Fund plc ("NAVF")

Ihara Science Corporation: Management Buyout ("MBO") launched 9^th February 2023

Nippon Active Value Fund PLC today announces that, in conjunction with Michael 1925 LLC (together the "Tender Offerors"), it is supporting the MBO launched by Mr Tokuo Nakano, the Chairman of Ihara Science Corporation ("Ihara Science") through his acquiring entity. Together the Tender Offerors own 1,400,000 shares (or 10% of outstanding) in Ihara Science, of which NAVF owns 1,000,000. The Tender Offerors intend to tender all the shares under their joint control at the MBO tender offer price of Yen 2,980.

Paul ffolkes Davis, the Chair of Rising Sun Management Ltd ("RSM") commented:

"In November 2022, RSM presented a proposal for a management-led buyout of the Ihara Science to Chairman Nakano, and we are gratified that he seized this suggestion, based on our analysis of more efficient ways for the company to deploy capital, and immediately took it to his Board.

We are aware that some institutional investors in Ihara Science have expressed the opinion that the tender price offered is too low and does not reflect the company's intrinsic value. Nevertheless, we feel the launch of the MBO is both bold and right for the company's future - and we therefore endorse it. Such vision and courage deserve to be supported and we are excited to see in what directions Ihara Science will be taken as a private entity.

Our investor group wishes Chairman Nakano well in his ambitious move and we will remain committed to both following and supporting the future growth and prosperity of Ihara Science."

 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.

 Media Enquiries: 

 Bill McIntosh

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Peregrine Communications

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Alex Gorokhov

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Peregrine Communications

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