U.S. hedge fund Farallon joins top Toshiba shareholder in call for EGM
From Makiko Yamazaki
TOKYO (Reuters) -U.S. Hedge fund Farallon Capital Management said Friday it had asked Toshiba Corp to call an extraordinary general meeting on the company's investment strategy, the second call for a general meeting in a week by large Toshiba investors.
Farallon, who holds a stake of more than 5% in Toshiba, is calling for an emergency meeting with top shareholder Effissimo Capital Management, who holds a stake of 9.91%.
Scroll to continue with the content
Oksijen Hesap | Odeabank
Oksijen Hesap’tan% 17.00'a varan tanışmaya değer faiz!
Farallon said Toshiba should seek shareholder approval for a change in investment strategies.
Toshiba's recently announced plan to use around one trillion yen ($ 9.66 billion) on large-scale mergers and acquisitions is in stark contrast to its strategy, which is based on disciplined capital policies and targeted growth through organic expansion and focused small programmatic mergers and acquisitions. "said the fund in a statement.
It also pointed to Toshiba's poor history of mergers and acquisitions, where the company had suffered a total of 1.8 trillion yen ($ 17.4 billion) in impairment over the past 20 years due to "careless growth investments" .
A Toshiba spokeswoman said the company is aware of the fund's announcement and will make a regulatory filing once it officially receives the application.
Effissimo's request for a general meeting is about setting up a team of legal experts to investigate the firm's annual general meeting at which the voting rights of several shareholders were compromised.
Reuters reported that a Japanese government adviser had told Harvard University Endowment Fund that his vote at Toshiba's annual general meeting could be subject to regulatory investigation if he votes against the company's management.
($ 1 = 103,5200 yen)
(Reporting by Makiko Yamazaki; Editing by William Mallard and Raju Gopalakrishnan)
You should check here to buy the best price guaranteed products.
Matt Gaetz Chills Critics With ‘Terrifying’ Prediction About GOP In 2022
‘I am officially on the run’: Daughter testifies against Keith Smith in case of hoax panhandler killers
Boeing nabs order for 30 more 737 MAX jets
Florida to feed starving manatees in rare conservation move
Melissa Gorga Attends a Baby Shower in a Curve-Hugging, Cut-Out Pink Dress
Generation Coke: When did taking drugs become cheaper than a night at the pub?