JAPANESE TURNAROUND CAPITAL PLC
APPLICATION ANNOUNCEMENT
The Directors of Japanese Turnaround Capital plc ('JTC' or 'the Company') are
pleased to announce that the Company has applied for an introduction to the
PLUS market.
COMPANY INFORMATION
JTC is a UK newly incorporated company established in February 2010 to take
advantage of opportunities in connection with distressed financial assets in
Japan, primarily in relation to portfolios of distressed Japanese consumer
loans ("Consumer Loan Portfolios"). The investment opportunity has arisen as a
result of a comprehensive reform of the law relating to the regulation of
consumer loans by the Japanese Money Lending Business law ("MLB Law") which was
enacted in 2006 and has a four stage implementation process - the last stage of
which is scheduled to be effected in June 2010.
The MLB law has resulted in a number of consumer finance companies ("CFCs") in
Japan withdrawing from the loan market and others selling off large portions of
their consumer loan portfolio. The Directors intend to take advantage of this
opportunity, by acquiring Consumer Loan Portfolios from CFCs at a significant
discount to their book value. It is intended that consumers will be required
to continue to repay their loans comprised within acquired Consumer Loan
Portfolios and the Company will benefit from any excess of sums recovered over
the discounted price paid on the acquisition of the Consumer Loan Portfolio,
less any collection and service charges.
Each acquisition of Consumer Loan Portfolios will require to be funded by debt
and/or equity funding provided by third party investors. The precise investment
structure has not yet been determined and will depend on the final negotiated
position with future debt and/or equity funding providers.
The Company classification under Section 87 of the FTSE Global Classification
System is Speciality and Other Finance. The Company will be classified as an
investment company pursuant to the PLUS Rules for Issuers.
DIRECTORS
The Directors have extensive senior level experience in private and publicly
held international companies, both within and outside the financial services
sector.
The Directors of the Company, their age and positions are as follows:
Keiichiro Takishima (age 63, Executive Director)
Keiichiro Takishima graduated from the faculty of economics at Keio University
in 1969 and went on to complete an MBA at Michigan State University, USA two
years later. In 1973 he established and was appointed CEO of Dainichi Sangyo,
KK. He went on to establish the Funai Investment Company Ltd, under the
instruction of Yukio Funai in 1987, holding the position of Executive Director,
and established Yes Corporation a year later. Keiichiro has since been
appointed Adviser and Representative to a number of investment and fund
management companies, both in Japan, the USA and Europe. Keiichiro is a
founding member of General R&R and remains Representative Director.
Yoshio Nakajima (age 68, Executive Director)
Yoshio Nakajima joined the Ministry of Finance in Japan in 1966 and went on to
hold a number of influential positions within the Ministry including Head of
Administration Section of Budget Bureau, Secretary to The Prime Minister (Kaifu
Cabinet, Miyazawa Cabinet) and Vice-Chief of Budget Bureau, before retiring in
1995 as Head of Institute of Finance. Yoshio is a founding member of
Association R&R and holds the post of Trustee/Administration Officer.
Shuichiro Tamaki (age 77, Executive Director)
Shiichiro Tamaki joined the Industrial Bank of Japan, Limited in 1956 and was
initially appointed to the New York branch, where he worked for ten years, in
charge of various international projects. By 1986 he had become Executive
Managing Director of the Industrial Bank of Japan and an Advisor to them four
years later. He went on to hold the posts of Advisor to Tokiwa Kosan Co Ltd,
Representative Director/Vice-President of JAMEX, Director of the Four Seasons
Hotels Inc and Special Advisor to Global USA Inc. Shiichiro is a founding
member of Associated R&R and holds the post of Trustee/Administration Officer.
Will David (age 58, non-executive director)
Will David has more than 20 years' experience working in corporate advisory and
broking roles for small and mid cap companies. He is currently Non-Executive
Chairman of Advanced Power Components plc and Cello Group plc. Will has also
worked as Non-Executive Chairman of Polaron Group plc and Orca Interactive
Limited and also worked at Investec Henderson Crosthwaite,
PricewaterhouseCoopers, Hoare Govett & Co and The London Stock Exchange. During
his professional career Will has worked on over 20 flotations for clients
across a range of sectors. His experience also includes acquisitions and
disposals, public takeovers and secondary fundraisings and provision of advice
on corporate governance matters.
REASONS FOR ADMISSION
The Company is seeking admission to the PLUS Market in order that (i)
shareholders are able to realise value in their investment in the Company; (ii)
to raise its profile among both new investors and potential business partners;
and (iii) to provide alternative sources of funding for acquisitions which the
Board may consider in the future as part of that growth.
The Company has applied for admission of its entire issued share capital which
comprises 11,400,000 Ordinary Shares of GBP0.05 each. The expected admission
date is 9 April 2010.
DOCUMENT AVAILABLE FOR INSPECTION
Copies of the Admission Document will be available free of charge during usual
business hours on any weekday (Saturdays and public holidays excepted) at the
offices of Alexander David Securities Limited at 10 Finsbury Square, London,
EC2A 1AD.
CORPORATE ADVISER AND CONTACT DETAILS
Alexander David Securities Limited is acting as PLUS markets Corporate Adviser
to the Company and can be contacted at:
David Scott
10 Finsbury Square, London, EC2A 1AD
Telephone: +44 (0) 20 7448 9830
The Directors of Japanese Turnaround Capital plc take responsibility for this
announcement.
23 March 2010
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