Tokyo (Reuters)-US hedge fund Farallon Capital Management tells Toshiba (OTC :) Corp on Friday that it is a temporary shareholder for Toshiba’s investment strategy, the second EGM call in a week by major Toshiba investors. He said he requested a convocation of the General Assembly.
Farallon, which holds more than 5% stake in Toshiba, has called for an emergency meeting with Efficimo Capital Management, the largest shareholder with a 9.91% stake.
Farallon said Toshiba should seek shareholder approval for saying it was a change in its investment strategy.
Toshiba’s recently announced plan to spend about 1 trillion yen ($ 9.66 billion) on large-scale M & A aims to “focus on disciplined capital policy and aim for growth through organic expansion and M & A through small programs. This is in sharp contrast to the “done” strategy. “The fund said in a statement.
In addition, Toshiba said that it had recorded a total impairment loss of about 1.8 trillion yen ($ 17.4 billion) in the past 20 years due to “careless growth investment”, and pointed out that the track record of M & A is poor.
A Toshiba spokeswoman said the company was aware of the fund’s announcement and would submit it to regulators when formally requested.
Effissimo’s EGM call is to set up a team of legal experts to investigate the company’s annual shareholders meeting (AGM), which states that the voting rights of multiple shareholders have been violated.
A vote at Toshiba’s annual shareholders’ meeting could be subject to regulatory investigation if a Japanese government adviser voted against the company’s management, according to Reuters. Said.
($ 1 = 103.5200 yen)
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