Prospect Japan considers investment in its manager

PJF : Prospect Japan considers investment in its manager

Prospect Japan has announced that it is considering invest 3bn Yen ($28m) into a convertible issued by the ultimate parent of its fund manager. The convertible, to be issued by Gro-Bels Co Ltd., will have a coupon of 4% and converts into Gro-Bels’ shares at 60 Yen per share. Gro-Bels is a Japanese, publically listed, real estate developer

Given the nature of the transaction, the deal will need to be approved by Prospect Japan’s shareholders and they are calling an EGM to get this done.

The rationale for the deal has not yet been disclosed.

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