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Toshiba’s top shareholder says undecided whether to support breakup -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A logo for Toshiba Corp is seen by pedestrians outside an electronics shop in Tokyo, September 14, 2015. REUTERS/Toru Hanai/File Photograph

TOKYO, Reuters – Toshiba (OTC) Corp’s largest investor Effissimo Capital Management stated on Saturday that it is not yet deciding whether or not to back the plans of the Japanese industrial conglomerate for a split into three separate companies.

Toshiba announced plans to break into three companies Friday in an effort to placate activist shareholders who have called for radical reform of the Japanese conglomerate following years of scandals.

After a Japanese broadcaster quoted an Effissimo source who said the fund would not support the plan, Effissimo in Singapore, which holds a 9.9% share of Toshiba, released a statement.

According to the statement, the fund’s position will be decided at Toshiba’s extraordinary shareholders meeting in 2013. This is “following sincere considerations that are based both on an analysis of the disclosed information and through engagement with Toshiba.”

Toshiba refused to comment on the Effissimo statements. Toshiba stated via email that they would be open to hearing honest opinions about the plans from shareholders.

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