Toshiba shareholder calls for extraordinary meeting to vote on break-up plan

FILE PHOTO: Toshiba Corp logos are pictured at its annual general meeting in Tokyo, Japan, June 25, 2021. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) – Toshiba Corp’s second-largest shareholder on Thursday called for an extraordinary investor vote to force the Japanese company to get two-thirds support before continuing with a controversial plan to split in three.

The proposal by Singapore-based hedge fund 3D Investment Partners marks the latest in a long and acrimonious battle between the once-mighty Japanese conglomerate and a number of its foreign shareholders, many of them activist funds.

In a statement, 3D highlighted concerns about the cost of Toshiba going ahead with its split before getting a mandate from shareholders. It also called for Toshiba to continue with its strategic review.

“There is no rationale for pursuing at great expense the separation plan without knowing whether a sufficient number of Toshiba shareholders will ultimately provide consent,” the fund, which owns more than 7% of Toshiba, said.

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