In today’s briefing:
- Toshiba (6502) – Effissimo’s Pledge Isn’t One. It Is a Signalling Device.
- Toyo Construction (1890) Tender Still Funky – A New (Perhaps Serious), but Secretive Large Holder
- Japan’s Governance: Ono Pharmaceutical (4528) ESG Briefing
Toshiba (6502) – Effissimo’s Pledge Isn’t One. It Is a Signalling Device.
- Raymond Zage’s letter was super interesting in terms of its nuance, as discussed in Toshiba Board Ructions as Independent Director Goes Rogue.
- In Toshiba Coin Toss Is Neither Heads Nor Tails as Both Proposals Fail, I discussed that this opens the door to exploring combinations of ideas.
- Today Effissimo filed an amended LSR to say they’d sell their shares to a Bain Tender Offer if launched. The statement, and the break clause are informative, and more nuanced.
Toyo Construction (1890) Tender Still Funky – A New (Perhaps Serious), but Secretive Large Holder
- After Murakami-san reported yesterday selling most of his shares on 23 March, the stock fell heavily today. From 6.7% above terms to 0.65% above terms.
- 6.5 mm shares changed hands today at less than a 1% premium to terms.
- After the close, a Cayman company, “WK 1 Limited”, announced it had two affiliates owned 5.89% as of 24-March. Still funky. Still fun. Bet it pops now.
Japan’s Governance: Ono Pharmaceutical (4528) ESG Briefing
- The corporate governance efforts are making gradual progress, and I appreciate the company’s disclosure of issues, but I would like to see it become more proactive.
- Policy shareholding is one of its biggest challenges. Establishing a path for reducing the shareholdings and disclosing and showing progress in doing so shows that it is addressing the issue.
- Good progress has been made on the protection of environment. Regarding the expansion of human capital, the initiative has only just begun and is expected further efforts in the future.
Before it’s here, it’s on Smartkarma
