FUJITEC CO LTD UNSP/ADR - FJTCY STOCK NEWS

Oasis Management, which holds over 16.5% of Fujitec Co., Ltd. (6406 JT), has raised concerns over the company's governance following comments made by President Okada. He suggested that Chairman Uchiyama could return as president during the next AGM, indicating ongoing familial control over Fujitec. Oasis argues that Fujitec's rejection of its nominated directors is driven by a desire to maintain Uchiyama's influence rather than improve governance. The firm urges shareholders to support its proposals to ensure equitable treatment and prevent potential abuses by Uchiyama.

Oasis Management Company, owning over 16.5% of Fujitec, is advocating for significant governance changes ahead of Fujitec's extraordinary general meeting (EGM) on February 24, 2023. Oasis has called for the removal of six incumbent directors and the appointment of six independent nominees, aiming to enhance shareholder rights and corporate governance. Institutional Shareholder Services Inc. (ISS) has recommended that Fujitec shareholders vote in favor of Oasis’s proposals. Oasis argues that Fujitec's recent statements are misleading and merely serve to maintain the Uchiyama family's entrenched control, which has undermined shareholder interests.

Fujitec Co., Ltd. (Ticker: 6406) announced that its Extraordinary General Meeting of Shareholders on February 24, 2023, will address key management and shareholder proposals. Institutional Shareholder Services Inc. (ISS) has advised shareholders to vote against Fujitec's management proposal while supporting the shareholder proposals from Oasis Japan Strategic Fund Ltd. Despite the board's opposition to these shareholder proposals, Fujitec expressed disappointment in ISS's report, claiming it did not adequately consider their viewpoints shared in prior discussions. For more details, Fujitec encourages reviewing their official documents.

Fujitec Co., Ltd. announced its resolutions for the Extraordinary General Meeting of Shareholders scheduled for February 24, 2023. The Board of Directors approved a proposal aimed at enhancing governance, while opposing all other shareholder proposals. This disclosure was made to address concerns from shareholders regarding the agenda items. Further details are available in the document titled 'Notice Concerning the Board of Directors' Position on the Agenda Item'. This decision underscores Fujitec's commitment to governance improvement as they navigate shareholder interests and proposals.

Oasis Management Company, which owns over 16.5% of Fujitec, seeks to remove six incumbent directors and nominate six independent directors. The proposal comes amid ISS's endorsement, citing shareholder discontent over governance failures and insufficient value creation. ISS highlights Fujitec's poor performance metrics, including a return on equity (ROE) of 9.1%, significantly trailing peers like Kone and Schindler. Oasis urges shareholders to vote against the management's proposal, advocating for complete board renewal to restore accountability and improve corporate governance at Fujitec, which has suffered from mismanagement and a lack of strategic direction.

Fujitec Co., Ltd. has received a shareholder request from Oasis Japan Strategic Fund Ltd. to convene an Extraordinary General Meeting (EGM) on December 31, 2022. During a board meeting on January 20, 2023, the company resolved to submit its own proposal as Agenda Item 1 while opposing all proposals from the Proposing Shareholder, listed as Agenda Items 2 through 7. This decision indicates a stance against the changes suggested by the Proposing Shareholder. Further details on the Company’s Position and the opposing opinions are available on its website.

Oasis Management Company, holding over 16.5% of Fujitec, issued a detailed response to Fujitec’s January 20 statements regarding shareholder proposals and director nominations ahead of the February 24 Extraordinary General Meeting. Oasis criticized Fujitec for ignoring governance issues and failing to address concerns over related-party transactions and the independence of current directors. They argue that Fujitec’s management prioritizes the Uchiyama family's interests over shareholders, thereby undermining corporate governance. Oasis proposes six independent director nominees and stock-based compensation to align directors' interests with shareholders.

Oasis Management Company Ltd. manages funds owning over 16.5% of Fujitec Co., Ltd. On January 20, Fujitec's Board responded to Oasis’s shareholder proposals, including independent director nominations for the Extraordinary General Meeting (EGM) on February 24. The response ignored key governance concerns, particularly surrounding the controversial appointment of Mr. Uchiyama as Chairman. Instead, Fujitec's Board engaged in personal attacks on Oasis’s nominees, highlighting serious governance issues. Oasis plans to refute these accusations and emphasizes the need for shareholder accountability to improve governance at Fujitec.

Oasis Management Company Ltd. owns over 16.5% of Fujitec and is calling for a governance overhaul after the company's 2022 AGM highlighted severe governance issues, including shareholder voting rights violations. Over 40 top institutional investors deemed the leadership of Takakazu Uchiyama untenable. Oasis is seeking an Extraordinary General Meeting to remove all incumbent Outside Directors, advocating for a new independent board to enhance governance and stakeholder trust. The firm criticizes Uchiyama's continued influence despite dwindling family ownership and demands accountability.