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Baillie Gifford Shin Nippon PLC - investment trust focused on Japanese small-cap companies - Proposes a tender offer of up to 15% of its shares in the first quarter of next year. The price will be at net asset value per share, less the costs of the tender offer and a 2% discount. This will replace the company’s current performance-triggered tender offer that runs to January 31, 2027. The board also proposes to put in place a new performance-triggered tender offer for up to 100% of its shares if NAV total return doesn’t keep pace with the MSCI Japan small cap index in sterling terms over the five-year period from the end of 2025 to the end of 2030. It also will put a one-off continuation vote to shareholders in 2028. The proposals are in response to the ‘continued poor performance’ of the company, currently 29% behind the benchmark. Baillie Gifford Shin Nippon says the January 2027 is too soon to assess the performance of its new portfolio managers. It says the board has consulted with holders of 43% of its shares, and they recognise the company’s unique ‘dedicated growth exposure to small cap companies in Japan’. Current stock price: 129.37 pence for £319.2 million market capitalisation 12-month change: up 13% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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