Toshiba investor 3D urges board to take three critical actions before annual meeting

[April 06, 2022]   (Reuters) -Toshiba Corp investor 3D Investment Partners is pushing the Japanese company's board to take a trio of actions before its annual general meeting, including seeking interest from buyout firms.

The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon

In a letter to the company's board on Wednesday, the Singapore-based fund also asked Toshiba to disclose a mid-range plan that reflects opportunity and consult with shareholders over the board's composition.

3D owns a 7.6% stake in Toshiba, according to data from Refinitiv.

The letter comes after nearly 60% of Toshiba shareholders voted in March against a plan to spin off its devices business.

3D's separate call for a private-equity buyout was rejected last month by just short of 55% of shareholders who voted.

(Reporting by Eva Mathews and Chavi Mehta in Bengaluru; Editing by Anil D'Silva)

 

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