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June 29, 2020 04:42 UTC

Oasis Statement on Fujitec 2020 Annual Shareholder Meeting Results

HONG KONG & TOKYO--(BUSINESS WIRE)-- Oasis Management Company Ltd. (“Oasis”) is the manager to funds that are minority shareholders of Fujitec Co., Ltd. (6406 JP) (“Fujitec” or the “Company”). On June 23, 2020, Fujitec held its annual general shareholders meeting (“AGM”). At the AGM, Oasis secured 33% of the votes in favor of its proposals for cancelling the Company’s treasury shares.  Additionally, there was a dramatic decrease in support of Fujitec’s CEO, Uchiyama-san.  Both of these results represent a strong message from shareholders to Fujitec’s management that changes must be made in order to increase corporate value and stop the Company falling further behind its competitors.

Despite years of active engagement by Oasis and public calls for change from other engaged investors, the Company has for far too long remained beholden to the Uchiyama family to the detriment of its other stakeholders, including minority shareholders. We hope that the result of this year’s AGM will be the first step to shake Fujitec’s management from their lethargy and spur them to act urgently to secure the Company’s future.

Oasis will continue its active engagement with the Company and, failing any material change to the situation, will consider a wide variety of options, including calling an EGM later this year, in order to bring about a change of leadership at the Company to ensure that progress is made to improve Fujitec’s corporate value for the medium and long-term, to the benefit of all stakeholders.

We hope that shareholders will likewise continue to hold the Board of Directors accountable for their decisions regarding corporate value. We call on Fujitec to listen to their shareholders and commit to focusing on enhancing corporate governance and improving corporate value, for the benefit of all.

We sincerely thank our fellow minority shareholders, including international and domestic institutional and retail shareholders, for their support. This type of support from shareholders has catalyzed change across corporate Japan, and we believe will be the catalyst for eventual change at Fujitec.

About Oasis

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 FSA’s “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. Oasis is by no means soliciting or requesting shareholders to jointly exercise their rights (including, but not limited to, voting rights) together with Oasis, and Oasis disclaims its intention to be deemed or treated as a Joint Holder (kyo-do hoyu-sha) with other shareholders under the Japanese Financial Instruments and Exchange Act by virtue of its act to express its view and opinions or other activities to engage in dialogue with other shareholders. In addition, Oasis is by no means soliciting or requesting other shareholders to grant or deliver their proxies to Oasis for any upcoming AGM. Oasis is not and should not be considered to solicit, encourage, induce, or seek from any shareholders to authorize Oasis or any other third party as their proxy in exercising their voting rights on their behalf.


Taylor Hall

Source: Oasis Management Company Ltd.

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