3D Investment Partners Comments on the Results of the Extraordinary General Meeting of Shareholders of Toshiba Corporation
3D is pleased that shareholders have rejected Toshiba’s separation plan
Believes that the CBC must immediately reconsider the strategic review
TOKYO, March 25, 2022 /PRNewswire/ — 3D Investment Partners Pte. ltd. (with the funds it manages, “3D”, “we” or “our”) commented on the results of the Extraordinary General Meeting of Shareholders of Toshiba Corporation (“Toshiba” or the “Company”) (6502.T ), held on March 24, 2022:
We are delighted that Toshiba shareholders have resolutely rejected Toshiba’s proposed two-way spin-off. We and our fellow shareholders believe this proposed path is a suboptimal approach to creating enterprise value for Toshiba.
The Council should not interpret yesterday’s result as an excuse for inaction. We believe the message from shareholders was clear: Toshiba should not expend more corporate resources to pursue the separation plan and should look for other ways to enhance the value of the company, including asking for and allowing proposals from private equity groups and potential business partners.
The Strategic Review Committee (“SRC”) should immediately re-examine all of Toshiba’s options and ensure that all opportunities to achieve maximum shareholder value are considered. Options such as a privatization transaction or a minority investment, which were apparently overlooked or prematurely rejected during the initial SRC process, should be given full and fair consideration. It is important that the Company strives to keep shareholders informed so that they can hold the SRC and management accountable.
Toshiba’s board now has an opportunity to reflect on the results of the EGM and work to rebuild the company’s relationship with its shareholders. Notably, we wouldn’t even have called this EGM if Toshiba’s management had simply engaged with us and its other shareholders effectively, restored confidence by properly evaluating all options (and soliciting proposals) and s was committed to transparency. The Corporation once again finds itself in the position of being embarrassed by its shareholders at a meeting because management has refused to take these simple steps to rebuild its credibility.
Our sincere hope is that this EGM marks the beginning of a new era at Toshiba – an era in which the Board of Directors will be guided not by the narrow interests of management, but by a commitment to increasing the value of the company and gain the trust of shareholders. We are ready to engage constructively with the Board of Directors to pursue our common goal of creating enterprise value for Toshiba and restoring Toshiba to its rightful place as one of the most successful companies. admired in the world. Japan.
About 3D Investment Partners Pte. ltd.
3D Investment Partners Pte. is an independent company Singapore-based Japan value-oriented investment fund manager founded in 2015. 3D Investment Partners Pte. focuses on partnering with managers who share its investment philosophy of creating medium to long-term value through compound capital growth and a common goal of achieving long-term returns.
This press release is provided for informational purposes only and does not constitute an offer to buy or sell securities or investment products, nor does it constitute professional or investment advice. This press release should not be relied upon by anyone for any purpose and is not and should not be construed as investment, financial, legal, tax or other advice.
3D Investment Partners Pte. ltd. and its affiliates and related persons (“3DIP”) believe that Toshiba’s current market price does not reflect its instinctive value. 3DIP has acquired a beneficial and/or economic interest based on its own belief that the Toshiba Group securities have been undervalued and provides an attractive investment opportunity and may in the future beneficially own and/or have a economic interest in the securities of the Toshiba group. 3DIP intends to review its investments in the Toshiba Group on an ongoing basis and, depending on various factors, including but not limited to the financial condition and strategic direction of the Toshiba Group, the outcome of any discussion with Toshiba, general market conditions, other investment opportunities available to 3DIP, and the availability of Toshiba Group securities at prices that would make the purchase or sale of Toshiba Group securities desirable, 3DIP may, from time to time (in the open market or in private transactions), buy, sell, hedge, hedge, or otherwise change the form or substance of any of its investments (including investment in securities Toshiba) to any degree in any manner permitted by any applicable law, and expressly disclaims any obligation to notify others of such changes.
No representations or warranties, express or implied, are made with respect to the accuracy, completeness, or reliability of the information contained herein, and is not intended to be a statement or complete summary of securities, markets or developments referred to herein. . 3DIP expressly disclaims any responsibility or liability for any loss resulting from any use of or reliance on this press release or its contents in whole or in part by any person, or arising in any way in connection with this press release.
3DIP disclaims any intention or agreement to be treated as a co-holder (kyodo hoyu sha) under the Financial Instruments and Securities Trading Act. Japana closely related party (missetsu kankei sha) under the Foreign Exchange and Foreign Trade Act with other shareholders, or given any authority to represent other shareholders in connection with the exercise of their voting rights under of its act of expressing its views, estimates, and opinions or otherwise engaging in a dialogue with other shareholders through this press release.
3 DIP does not intend to propose, directly or through other shareholders of Toshiba, to transfer or terminate the business or assets of Toshiba and/or Toshiba group companies upon general meeting of shareholders of Toshiba. 3DIP does not intend or intend to engage in any conduct that interferes with the continued and stable operation of the business of Toshiba and/or Toshiba group companies. 3DIP does not intend to attend or involve any person designated by 3DIP in the meeting of the board of directors or of the committee which has the power to make important decisions of Toshiba concerning the activities of Toshiba and/or Toshiba group companies.
3DIP does not intend to demand a response or a certain conduct from the members of the board of directors or the committee that has the power to make important decisions of Toshiba, either by itself or through any person designated by 3DIP, concerning the activities of Toshiba and/or Toshiba group companies within a certain period.
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With respect to information which has been prepared by 3DIP (and which is not otherwise attributed to any other party) and which appears in the English version of this press release, in the event of any inconsistency between the English version and the Japanese version of this press release, the meaning of the English language version will prevail, unless expressly stated otherwise.
3D Investment Partners Pte. ltd.
SOURCE 3D Investment Partners Pte. ltd.