Fund Commences 10% Tender Offer, Boosts Monthly Distribution by 8%
JOF sits 28% above its 52-week low of $8.95.
Summary
Japan Smaller Capitalization Fund has commenced its tender offer to repurchase up to 10% of its outstanding shares at 98% of NAV. This follows the board's prior announcement on April 17th and comes amidst activist investor Saba Capital Management's increased stake. Concurrently, the fund is boosting its monthly distribution by 8% to $0.0956 per share, re-leveling it to a 9% yield to NAV. These moves are a direct return of capital and income to shareholders, likely aimed at narrowing the fund's discount to net asset value.
At the time of this announcement, JOF was trading at $11.50 on NYSE in the Finance sector. The 52-week trading range was $8.95 to $12.76. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.