Result of Placing and Offer

RNS Number:4090T
Japanese Accelerated Perf Fund Ltd
18 December 2003

Japanese Accelerated Performance Fund Limited

18 December 2003

                  Result of Placing and Offer for Subscription


  Admission of Shares of Japanese Accelerated Performance Fund Limited to the
           Official List and to Trading on the London Stock Exchange

Following the publication of the prospectus of Japanese Accelerated Performance
Fund Limited (the "Company") on 4 December 2003, 30,000,000 participating shares
of the Company (the "Shares") have been issued pursuant to the placing and offer
for subscription (together the "Issue") referred to in the prospectus.


The Shares have been admitted to the Official List and dealings in the Shares on
the London Stock Exchange commenced today.


The level of the Nikkei 225 Index (the "Index") as at the close of business on
17 December 2003 was 10,092.64 (the "Start Value").


As more fully described in the prospectus, the Shares are designed to pay
holders of Shares ("Shareholders") on the redemption date of the Shares,
expected to be on or around 22 December 2009 (the "Redemption Date"), up to a
maximum amount (the "Final Capital Entitlement") of 200p per Share, comprising a
capital growth amount (the "Growth Amount") of up to a maximum of 100p per Share
and a capital amount (the "Capital Amount") of 100p per Share. The Final Capital
Entitlement per Share is designed to be determined by the performance of the
Index over the period from 17 December 2003 to 17 December 2009 (the "End Date")
(or, if that day is not a day on which the Index is calculated, the next day on
which it is calculated) (the "Calculation Period").


The Shares are designed to pay on the Redemption Date a Growth Amount per Share
equal to five times any percentage increase in the Index over the Calculation
Period, such amount being expressed in pence, subject to a maximum of 100p per
Share. If the closing value of the Index on the End Date (the "End Value") is
equal to or less than the Start Value, there will be no Growth Amount payable to
Shareholders.


The Shares are also designed to pay a Capital Amount of 100p per Share on the
Redemption Date. If, however, on any day during the Calculation Period the
closing value of the Index is more than 50 per cent. lower than the Start Value
(an "Index Barrier Breach") and the End Value is lower than the Start Value, the
Capital Amount of 100p per Share will be reduced by a percentage equal to the
percentage by which the End Value is lower than the Start Value. However, if the
End Value is higher than the Start Value, notwithstanding that an Index Barrier
Breach may have occurred during the Calculation Period, the Capital Amount of
100p per Share will still be payable and a Growth Amount (as described above)
will also be payable.


If the End Value is less than the Start Value but no Index Barrier Breach
occurs, then the Capital Amount will still be 100p per Share.


The Shares are Sterling denominated and their value will not be affected by
changes in the Yen/Sterling exchange rate.










Enquiries:

Marc Gordon / Richard Bolchover                                                         Tel: [phone]

Close Fund Management (Investments) Limited

Hugh Field                                                                              Tel: [phone]

Hoare Govett Limited


Terms used in this announcement shall, unless the context otherwise requires,
bear the meanings given to them in the prospectus dated 4 December 2003.


Hoare Govett Limited, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting for the Company and for no-one else
in connection with the Issue and will not be responsible to anyone other than
the Company for providing the protections afforded to customers of Hoare Govett
Limited or for providing advice in relation to the contents of the prospectus or
any matters referred to therein.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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