Toshiba Corp (6502 JP) Chapter 4: Dynamics in Activist’s Favour, Due to Investigation Report

Toshiba – Who Should Stay and Who Should Go

Toshiba Corp (6502 JP) Chapter 1: CEO Out, Activists up the Game

Toshiba Corp (6502 JP) – And so It Begins

Toshiba Corp (6502 JP) Chapter 2: Company Engages Stakeholders

Gravity Works As WeWork Doesn't; Now Plan B

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Equity Bottom-Up

<p>In our Chapter 2 note (<a href="https://www.smartkarma.com/insights/toshiba-corp-6502-jp-chapter-2-company-engages-stakeholders" target="_blank" data-smartkarma-citation="insights:50585" rel="noopener">Toshiba Corp (6502 JP) Chapter 2: Company Engages Stakeholders)</a>, when we addressed what was likely to happen next in this saga, we stated, “Activists to become more vocal via media regarding value.” and “several activists likely to continue the push for privatisation.” Less than a week later Toshiba’s second-largest shareholder 3D investment Partners (3D) wrote an open letter which in our view covered both of these points and more. We explore the key points made and conclude one unspoken option is becoming a very real option. Moreover, with 3D bringing ESG front and center of their demands they are ultimately forcing non-traditional activists to take sides in the debate. </p>

In our Chapter 2 note (Toshiba Corp (6502 JP) Chapter 2: Company Engages Stakeholders), when we addressed what was likely to happen next in this saga, we stated, “Activists to become more vocal via media regarding value.” and “several activists likely to continue the push for privatisation.” Less than a week later Toshiba’s second-largest shareholder 3D investment Partners (3D) wrote an open letter which in our view covered both of these points and more. We explore the key points made and conclude one unspoken option is becoming a very real option. Moreover, with 3D bringing ESG front and center of their demands they are ultimately forcing non-traditional activists to take sides in the debate. 

Toshiba Corp (6502 JP) Chapter 3: Activists up the Ante, with ESG and Hints of a New Twist