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Guernsey Reports Another Funds Sector First

by Jason Gorringe, Lowtax.net, London
01 August, 2017

The Prospect Japan Fund Limited, a Guernsey-incorporated fund listed on the London Stock Exchange Main Market, has been acquired by Japanese-based Prospect Co Ltd in a USD147m takeover.

The offer was an all-share offer of Japanese listed shares and is believed to be the first of its kind in the UK. It was completed via a Guernsey scheme of arrangement.

The transaction included various unique elements including devising bespoke settlement mechanics to comply with regulatory requirements in the UK and Japan.

The Fund was advised by the Guernsey team at international law firm Mourant Ozannes, led by partner Caroline Chan, who commented: "We have acted for The Prospect Japan Fund for an extended period of time and are proud to have worked alongside the board and onshore counsel Herbert Smith Freehills on this deal. Given the jurisdictions involved and the all-share offer of Japanese paper, this is a unique transaction and further demonstration of the increased takeover activity currently being experienced in Guernsey."

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