AVI Japan and Fidelity Japan Trusts Agree Heads of Terms over Merger

AVI Japan and Fidelity Japan trusts agree heads of terms over merger

The boards of AVI Japan Opportunities (AJOT) and Fidelity Japan (FJV) have agreed heads of terms over a potential merger. As part of the combination, FJV shareholders will be offered the choice to roll their investment into the enlarged AJOT or to cash out. The cash exit has been offered up to a limit of 50% of FJV shares, which will see shareholders receive 1% less than FJV’s formula asset value. AVI will also cut its annual management fee will…

Morning briefing: Fidelity Japan Trust to merge with AVI Japan Opportunity; plus USA, SRE, DLN, AGR, PHP, BSRT, PEY & CREI

More consolidation in the Japan trust sector, strong annual results from Baillie Gifford US Growth and a “transformational” £100m UK acquisition for Sirius Real Estate. Plus updates from Derwent London, Baker Steel Resources, Partners Group Private Equity and a 1pm deadline for acceptances in the bid battle for Assura. The £231m Fidelity Japan Trust (FJV) […]