Tender Offer for a Top 10 Portfolio Holding
Summary by AI BETAClose X
AVI Japan Opportunity Trust plc
LEI: 894500IJ5QQD7FPT3J73
Tender Offer for a Top 10 Portfolio Holding
London, 29 October 2026
AVI Japan Opportunity Trust plc (“AJOT”), for which Asset Value Investors Limited (“AVI”) acts as investment manager, notes that Nippon Sangyo Suishin Kiko Ltd. (“NSSK”), a Japanese private equity firm, has today announced a tender offer for Broadmedia Corporation (“Broadmedia”) (TSE: 4347) with the intention of taking the company private.
As at 29 October 2026, Broadmedia was AJOT’s seventh-largest portfolio holding, representing 6.12% of AJOT’s NAV.
The offer price represents a premium of 49.0% to Broadmedia’s undisturbed share price as of the beginning of September, and a premium of 23.9% to the closing share price on 29 October 2026.
This marks the second third-party tender offer for an AJOT portfolio company in 2026 , following the tender offer for Sharing Technology, AJOT’s then-largest portfolio holding, announced on 9 September 2026. The announcement of a second transaction in as many months highlights the potential for corporate activity to emerge in clusters within AJOT’s portfolio. Much of AVI’s engagement is done privately, with seemingly fallow periods then punctuated by events that help to crystallise value for shareholders. These two transactions serve as a timely reminder of the potential long-term rewards of a patient, disciplined investment process, combining concentrated ownership with active engagement, striving to unlock value in undervalued Japanese companies.
AVI expects AJOT to receive the proceeds following the end of the tender offer period of 30 business days, subject to successful completion and settlement of the offer.
AVI Japan Opportunity Trust plc – www.ajot.co.uk
AVI Japan Opportunity Trust plc (“AJOT”) was established in 2018 and currently has £460 million* of assets. AJOT invests in a focussed portfolio of over-capitalised small-cap Japanese equities. The investment manager then engages with company management to be the catalyst that drives share price improvement through consultant led, active engagement processes.
AVI – www.assetvalueinvestors.com
AVI is an investment management company established in London in 1985. AVI manages AVI Global Trust plc, AVI Japan Opportunity Trust plc and MIGO Opportunities Trust plc, all investment companies whose shares are listed and traded on the main market of the London Stock Exchange. AVI manages £2.1 billion* across all its products. AVI’s investment philosophy is grounded in the belief that capital markets frequently misprice complexity, particularly in markets where corporate governance is opaque, asset transparency is low, or conglomerate structures obscure underlying value. We identify these inefficiencies through a research-intensive process that specialises in discovering companies trading at material discounts to intrinsic value, with a focus on active engagement to unlock and grow that value.
*as at 30 September 2026
Contact:
Kaz Sakai: kaz.sakai@assetvalueinvestors.com
Asset Value Investors Limited
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