Notice of General Meeting

Nippon Active Value Fund PLC

20 January 2026

 

Legal Entity Identifier: 213800JOFEGZJYS21P75

Nippon Active Value Fund plc

(the "Company")

Proposed Cancellation of Share Premium Account and

Notice of General Meeting

The Company announces that it has today posted a circular to Shareholders (the "Circular").  The Circular contains a notice of a general meeting (the "General Meeting") of the Company to be held at 11.00 a.m. on 5 February 2026.

The meeting is being called to propose a resolution to cancel, in its entirety, the Company's share premium account (the "SPA Cancellation"). As at 16 January 2026 being the latest practicable date prior to the publication of the Circular, the share premium account had a balance of £239,056,149. The SPA Cancellation, if approved by shareholders and the Court, will result in a corresponding increase in the Company's distributable reserves once the cancellation is registered at Companies House.

As a matter of law, the Company is only permitted to make distributions out of its distributable reserves. The Board believes it is prudent to create further distributable reserves for distribution to shareholders as and when it is deemed appropriate.

Expected timetable

Latest time and date for receipt of Form of Proxy for the General Meeting	11:00 a.m. on 3 February 2026
General Meeting	11:00 a.m. on 5 February 2026
Date of Directions Hearing	18 February 2026
Date of Confirmation Hearing	3 March 2026
Effective date of SPA Cancellation	Expected by 13 March 2026

The Circular may be obtained, free of charge, from the registered office of the Company or be downloaded from www.nipponactivevaluefund.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. 

Capitalised terms used and not otherwise defined herein shall have the same meaning as in the Circular.

UK Listing Rule 11.2.6

Nippon Active Value Fund plc hereby restates with non-material amendments its investment restrictions in respect of investment in other investment companies or investment trusts which are listed on the Official List of the Financial Conduct Authority (the "Official List").

No more than 10 per cent. in aggregate of the value of the total assets of the Company may be invested in other listed closed-ended investment funds, except for those which themselves have stated investment strategies to invest no more than 15 per cent. of their gross assets in other closed-ended investment funds which are on the Official List.

Additionally, the Company will itself not invest more than 10% of its gross assets in other investment companies or investment trusts which are listed on the Official List. This additional restriction is considered to be a non-material change to the Company's investment policy.

Enquiries

Shore Capital	[phone]
Gillian Martin / Daphne Zhang / Matthew Walton (Corporate Advisory) Fiona Conroy (Corporate Broking)
Peregrine Communications, PR Bill McIntosh Alex Gorokhov	[phone] [e-mail] [e-mail]

NOTES TO EDITORS

About NAVF

Nippon Active Value Fund ("NAVF") is an investment Trust listed on the Main Market of the London Stock Exchange. The investment advisor of NAVF is Rising Sun Management Limited. NAVF is targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of (predominantly) quoted Japanese equity investments. Rising Sun Management Limited, with its local presence in Tokyo, 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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