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Japanese Investment fund, Nippon Active Value Fund plc (Nippon), initially anticipated first admission becoming effective on 5 February 2020, according to its . However, on 31 January, the fund that the IPO would be delayed after ‘stronger than expected demand from certain Dalton Clients, which is likely to result in Rosenwald Associates holding in excess of the previously anticipated limit of 30 per cent referred to in the Prospectus’.

Alongside this, investors have also requested a formal ESG statement.  The trust’s fund manager, Rising Sun Capital, who is also the managing partner of Dalton investments, has applied to become a signatory of the United Nations’ Principles for responsible investment. These changes will require Nippon to apply to the Financial Conduct Authority for approval of a supplementary prospectus. Therefore, the launch of the £200 million IPO is delayed until a formal ESG statement can be made.  

Nippon stated that ‘there has been a positive response from investors to the IPO with approximately 40 institutional, aggregated intermediary and other orders received to date. Accordingly, the minimum size of the issue remains at £100m’.

Nippon will publish an updated timetable as soon as approval for the supplementary prospectus has been received from the FCA and in any event will update investors of progress by no later than 7 February 2020.