HOME > Business Wire > Article


Nov. 8, 2019 02:12 UTC

Oasis Comments On Hoshizakis Disclosure

HONG KONG--(BUSINESS WIRE)-- Oasis Management Company Ltd. (Oasis), the manager to funds that beneficially own shares of the Hoshizaki Corporation (Hoshizaki or the Company), today comments on Hoshizakis November 7 announcements (Notice Concerning Efforts to Improve Corporate Value, Notice Regarding Revision of Year-End Dividend Projection and Notice Regarding Investment and Stock Acquisition of ztiryakiler Madeni Esya Sanayi ve Ticaret Anonim Sirket (on equity method affiliate basis)).

Seth Fischer, Founder & Chief Investment Officer of Oasis, said:

We are encouraged by these recent actions and hope to see more progress, which will benefit all stakeholders. As a long-term engaged shareholder, Oasis is committed to working with Hoshizaki to realize value.

The announcements detail the Companys plans to:

  • Acquire a Turkish manufacturer of commercial kitchen equipment;
  • Increase the dividend, aiming for a 35% dividend payout ratio;
  • Consider share buybacks strategically, and
  • Employ more independent external directors with experience managing a listed company in order to achieve an independent external director ratio of one-third or more.

Oasis believes Hoshizaki is taking positive strides forward following its sales-related scandal announced October 30, 2018. In addition to the above, Oasis is pleased to see that Hoshizaki Chairman Mr. Seishi Sakamoto has returned his representative rights, the Company has introduced an executive officer system, begun English disclosure, and Mr. Tsukasa Ozaki, the director in charge of sales, has left the firm.

Oasis believes these actions are in line with our proposals, and would like to thank and congratulate the Company for the progress it has already made. Oasis looks forward to the Company delivering further improvements in the future.

Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer. More information about Oasis is available at https://oasiscm.com. Oasis has adopted the Japan FSAs Principles of Responsible Institutional Investors (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.

Contacts

Taylor Hall
media@oasiscm.com


Source: Oasis Management Company Ltd.

View this news release online at:
http://www.businesswire.com/news/home/20191107006190/en


The content of this press release is provided by Business Wire. If you
have any questions regarding the content, please contact the person(s)
identified in the CONTACTS box at the bottom of the release.

Business Wire


Aomori Tourism Information

HEADLINES

POLITICS
Japan Ruling Bloc Gives Up Lower House Approval of Trade Deal with US This Week
ECONOMY
NY Stocks (Tuesday Closing): Dow 27,691.49 (Unchanged); Nasdaq 8,486.09 (+21.81)
SPORTS
Sumo: Yutakayama, 2 Others Lead Kyushu Tournament at 3-0; Hakuho Improves to 2-1
OTHER
Hayabusa2 to Leave Asteroid Ryugu for Earth on Wed.: JAXA

Aomori Tourism Information

GOSHOGAWARA
Introduction of Tachineputa, Town of Kanagi and West Tsugaru Peninsula
GOSHOGAWARA 1
GOSHOGAWARA 2
GOSHOGAWARA 3
JOMON
An early culture with pottery
JOMON 1
JOMON 2
JOMON 3
JOMON 4

AFP-JIJI PRESS NEWS JOURNAL


Photos