London-listed investment firm Fidelity Japan begins review of operations
April 17 (Reuters) - London-listed Fidelity Japan Trust FJV.L said on Thursday that it has started a formal review to consider the group's future and said that it expects a majority of its shareholders may not approve a proposal for it to continue as an investment firm.
The group, which focuses on investments in Japan, had earlier this month said it had rejected a proposal from AVI Japan Opportunity Trust AJOT.L to merge their assets after the latter went public with its offer ahead of Fidelity Japan's annual meeting in May.
The firm on Thursday also suspended its share buy-back programme in light of the review.
It said it continues to recommend that shareholders vote in favour of all resolutions tabled at the meeting, including that Fidelity Japan continue as an investment firm and one related to extra time it is seeking to strategise if shareholders do not want the firm to operate in its current form.
Fidelity Japan said that under the review it will invite proposals to be made privately to the firm, with a focus on "those parties who are able to demonstrate a current record of managing Japanese equities in an existing London listed investment company structure."
The group said it would also invite AVI Japan Opportunity Trust to participate in the process.
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