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Oasis Comments On Hoshizaki’s Disclosure

2019-11-08 19:01
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HONG KONG--()--Oasis Management Company Ltd. (“Oasis”), the manager to funds that beneficially own shares of the Hoshizaki Corporation (“Hoshizaki” or “the Company”), today comments on Hoshizaki’s 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 Öztiryakiler 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 Company’s 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 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.

Contacts

Taylor Hall
media@oasiscm.com