Prospect Japan Fund - Net Asset Value(s)

THE PROSPECT JAPAN FUND LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 28863)

 

FUND NAME	NAV	SEDOL	NAV DATE
The Prospect Japan Fund Limited	$ 1.2515	B011QL4	09th June 2017

Note: The Fund’s NAV above includes a holding in Prospect Co. of Yen 270 million stock acquisition rights (‘SARs’) (valued at par) and 6,706,000 ordinary shares (valued at a price of Yen 68 per share) with 90 SARs having been converted, following the initial conversion date of 21 December 2015 and 2.598 million ordinary shares arising sold. The SARs can be exercised into shares of Prospect Co. at a price of Yen 54 per Prospect Co. share at any time prior to the expiration date of 20 December 2020 pursuant to the terms of the Exercise Agreement between the Fund and Prospect Co.

However, for information purposes only, if the SARs were to be ‘fair valued’ using the Black-Scholes-Merton model, in line with the annual financial statements, there would be an uplift of US$7,508,212.75 (31 December, 2016 annual accounts: US$7,684,136) from the NAV based on retaining the SARs at cost for the same date, the exercise price remains unchanged.”
 

Top 10 Holdings

Symbol	Security	% of Total Assets
8563	THE DAITO BANK	26.71%
8562	FUKUSHIMA BANK	24.49%
9313	MARUHACHI WAREHOUSE	9.75%
8205	SHAKLEE GBL. GRP.	8.66%
3528	PROSPECT CO	5.70%
8521	NAGANO BANK	2.54%
1921	TOMOE	0.38%

 

Date:   09^th June 2017

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