Latest news with #DaltonInvestments
NHK
3 days ago
- Business
- NHK
More shareholders voicing proposals to Japanese firms
Shareholder meetings will peak in late June in Japan, and a record number of firms have received proposals from stockholders this year. About 2,100 companies listed on the Tokyo Stock Exchange are set to hold the annual gatherings this month. Mitsubishi UFJ Trust and Banking Corporation says that as of Thursday last week a record 108 firms had received proposals from their shareholders. Many of these proposals to be discussed at the meetings are from activist shareholders. For example, US-based Dalton Investments is proposing its own candidates for the board of directors to the parent company of Fuji Television Network. The fund is also requesting beverage maker Yakult Honsha to alter its articles of incorporation to let outside directors hold a majority in the board. And Hong Kong-based investment fund Oasis Management is asking chemical maker Taiyo Holdings to dismiss two board directors, including the president, due to corporate governance concerns. The Japanese government and the Tokyo Stock Exchange have been calling for active communication between companies and their shareholders.
Japan Times
28-05-2025
- Business
- Japan Times
Dalton connects with activist investor-linked fund to pressure Fuji Media
Dalton Investments is joining forces with other investors to pressure Fuji Media Holdings to spin off its real estate arm, the latest development in a situation that has become a litmus test for shareholder influence in Japan. Dalton's co-founder James Rosenwald said he has spoken with Aya Nomura, the Japanese broadcaster's single largest outside shareholder and the eldest daughter of prominent activist investor Yoshiaki Murakami. Spinning off the property unit may double the entertainment group's value, according to Rosenwald. Dalton is trying to pressure Fuji Media after the broadcaster earlier this month spurned the fund's proposal for 12 new directors, which included SBI Holdings' Yoshitaka Kitao, an outspoken critic of corporate governance practices in Japan. Dalton is also demanding the media group unwind cross shareholdings. Fuji Media has said it plans to continue to invest in real estate, a sector it says will generate further growth. The U.S. fund plans to call everyone on the list it has of Fuji Media shareholders, including Toho and Dentsu Group, to seek support for its proposed changes ahead of a June 25 shareholder meeting, Rosenwald said in an interview. If even one of its 12 candidates becomes a director, that would be a win, he said. "The board would have to think seriously about it, with even one person,' he said, referring to the spin-off. "If your duty is to shareholders and your larger shareholders are asking for a spin-off, you will be put under tremendous pressure to do that.' Dalton's standoff with Fuji Media — an entertainment giant that spans TV and satellite broadcasters as well as games and music production — is closely watched as a gauge for Japan's appetite for change. Fuji Media and other broadcasters have long resisted shareholder input, helped by regulations that limit foreign ownership. But a sexual assault scandal at the company and the ensuing public backlash have emboldened activists, while regulators are pushing companies to hike capital efficiency. The economy ministry now allows a tax-free spin-off of wholly-owned subsidiaries. "The government understands the Japanese stock market is really cheap,' Rosenwald said. "All aspects of government have been friends to us as shareholders for the first time in 30 years.' While any schedule would be up to the board of directors, a real estate spin-off could be done within a year, he said, pointing to the example set by Sony Group's partial spin-off of its financial services unit as a template to follow. Under pressure from customers, viewers and shareholders, Fuji Media overhauled its management and said it now aims to buy back shares worth more than ¥100 billion ($693 million) by fiscal year 2029, and reduce its cross-shareholdings to less than 15% of its total assets by fiscal 2027. Among the board members the broadcaster is nominating is Takashi Sawada, former president of convenience store chain FamilyMart. Dalton now controls 5.83% of Fuji Media, data shows. Nomura holds an 8.96% stake, making her the largest single outside shareholder.
Bloomberg
28-05-2025
- Business
- Bloomberg
Dalton Allies With Murakami-Linked Fund to Shake Up Fuji Media
Dalton Investments is joining forces with other investors to pressure Fuji Media Holdings Inc. to spin off its real estate arm, the latest development in what's become a litmus test for shareholder influence in Japan. Dalton's co-founder James Rosenwald said he's spoken with Aya Nomura, the Japanese broadcaster's single largest outside shareholder and the eldest daughter of prominent activist investor Yoshiaki Murakami. Spinning off the property unit may double the entertainment group's value, according to Rosenwald.
NHK
23-05-2025
- Business
- NHK
Fund to start proxy fight to place its candidates on Fuji Media's board
A major shareholder of Japan's Fuji Media Holdings says it will launch a proxy fight so that its candidates for the firm's board will gain approval at the upcoming general shareholders' meeting. Fuji Media Holdings is the parent company of Fuji Television Network. They have been under fire for their handling of a sexual misconduct scandal. The shareholder, Dalton Investments, has proposed 12 candidates for the board, including Kitao Yoshitaka, the head of Japanese financial services firm SBI Holdings. Fuji Media, which opposes the proposal, has picked 11 candidates of its own, including Sawada Takashi, former president of the FamilyMart convenience store chain. The two sides are expected to present their plans at Fuji Media's general shareholders' meeting on June 25. Dalton Investments' Chief Investment Officer Jamie Rosenwald told NHK on Friday that the fund will start a proxy fight to rally support from other shareholders. The two sides held direct talks on Wednesday but failed to resolve their differences.
NHK
22-05-2025
- Business
- NHK
Dalton fund says no progress in Fuji TV talks on new board
A major shareholder in Fuji Television Network's parent company says it remains at odds with the broadcaster over installing a new board of directors. The two have agreed to continue talks on the competing board proposals, but a final decision may be left to a full shareholder meeting next month. The two sides held discussions in Tokyo on Wednesday. US fund Dalton Investments was represented by founder and Chief Investment Officer Jamie Rosenwald in the sit down with Fuji Television Network President Shimizu Kenji. Rosenwald told reporters after the meeting that no progress was made in resolving the conflict over who will be on the new board. "I felt really a shame that corporate governance was not strong enough at Fuji Media to understand that these 12 directors we put forward were super talented and would add value to the company," Rosenwald said. Dalton's proposal for the Fuji Media Holdings board includes Kitao Yoshitaka. He is the head of Japanese financial services giant SBI Holdings. Fuji Media's list includes Sawada Takashi, the former president of the FamilyMart convenience store chain. Dalton is demanding change at the broadcaster after a sexual misconduct scandal prompted an exodus of advertisers and led to the company's first-ever annual net loss.
