Stock Groups

Toshiba shareholder calls for extraordinary meeting to vote on break-up plan -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Toshiba Corp logos were pictured during its annual general assembly in Tokyo (Japan), June 25, 2021. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) – Toshiba (OTC) Corp’s second largest shareholder called Thursday for an extraordinary investor vote. This would force Toshiba to receive two-thirds of the support it needs before moving forward with a controversial split.

3D Investment Partners, a Singapore-based hedge fund, has proposed the proposal. This is the latest chapter in an ongoing and bitter battle between once-mighty Japanese conglomerate J.P. Morgan and many foreign shareholders. Many of these activist funds are also involved.

3D expressed concern about Toshiba’s decision to proceed with the split without obtaining a shareholder mandate. 3D also called on Toshiba to keep up its strategic review.

According to the fund that owns over 7% of Toshiba’s stock, “There is no justification for proceeding at great cost with the separation plan without knowing if a sufficient amount of Toshiba shareholders will ultimately consent.”

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of the potential risks and financial costs involved in trading the financial market. It is among the most risky forms of investment.

[ad_2]