Oasis in the news

Any examples of strategies, trade ideas, or case studies are intended for illustrative and discussion purposes only, and are not necessarily indicative of the historical or future strategy or performance or the chances of success of any particular strategy. There can be no assurance that investment opportunities described herein will become available in the future. It should not be assumed that any investments described by any models would be profitable if implemented because among other things, assumptions described herein may not materialize. Any specific investments or case studies referenced in this presentation were selected for inclusion herein based on objective, non-performance based criteria solely for the purpose of describing the investment processes and analyses used by Oasis to evaluate such investments. A list of historical investments – including investments that lost money — can be made available upon request. As always, past performance is not necessarily indicative of future results.

October 2023

Toyo Seikan Group to accelerate share buybacks, break free of ultra-low P/B ratio while considering unrealized gains

Nihon Securities Journal

Toyo Seikan Group to accelerate share buybacks, break free of ultra-low P/B ratio while considering unrealized gains

: Wagamama’s Activist Menu is Gaining Traction

Fujitec president says during inaugural press conference that he’s eager for dialogue with activist shareholders

Fujitec president says uproar between investment fund and founding family was ‘a catalyst for change’

Fujitec’s new president ‘breaks away from focus on founding family’

Restaurant Group’s £7.5m dowry to Chiquito buyer

Founding governance in the crosshairs: a need for those who understand the ‘public gaze’

The drugstore reshuffling: its Aeon’s move; a departure from loose alliances

Healthy opposition’ emerging in capital markets: an equilibrium of tensions between companies and shareholders

Inevitably, momentum behind the ‘siege of Tsuruha’ strengthens even amid consecutive investment fund defeats; key shareholder Aeon and continuing turbulence for [Tsuruha’s] founding family

Aoki HD shareholders reject all five proposals made by Hong Kong investment fund

Drugstore industry to be consolidated into ‘3 groups;’ the reorganization epic being penned by ‘activists’

Shareholder Aeon not content with Tsuruha’s flawless victory; 2nd-ranked drugstore is at a critical juncture, even after shooting down investment fund’s proposals

Tsuruha’s management team not out of the fire yet; fund’s proposals rejected at AGM but restructuring momentum gains momentum amid narrowing room for store openings

A discerning gaze falls on the influence of founding families: Tsuruha HD rejects ‘activist shareholder’s’ proposals in Hokkaido

: Tsuruha: Hong Kong fund’s proposals rejected at AGM; company proposals approved

Momentum behind drugstore re-reorganization, activist shareholders cause stir at Tsuruha

How do activist shareholders view the Japanese market? Stocks still cheap, still much to be done with corporate governance

What will happen at Tsuruha and Aoki? Governance and restructuring on the agenda at Aeon investees

Aeon endorses Tsuruha’s proposed director appointments, heightening chances of approval at AGM

Shareholder meeting looms…. Will Tsuruha be able to survive the activist offensive?

Tsuruha HD’s ‘founding families’ at crossroads amid investment fund’s shareholder proposals

U.S. advisory firm ISS supports Hong Kong fund’s proposals to appoint directors at Tsuruha HD

Activists target general contractors, demand returns at general meetings

Oasis submits shareholder proposals to drugstore operator Aoki Holdings over election of outside directors, etc.

Japan drugstore Tsuruha, facing activist pressure, says its board needs insiders

From the boardroom – Oasis makes shareholder proposal to Tsuruha HD -goes after founding families for inappropriate mixing of private and corporate affairs, as well as board directors for inaction

Behind the scenes at Toyo and Fujitec: Who will take control? Corporate governance questioned at 2023 shareholders’ meetings (summary translation)

Oasis submits shareholder proposals to Tsuruha regarding outside director appointments, etc., CIO says ‘Tsuruha should be a leader of industry restructuring’

Oasis refutes Tsuruha’s claims, says of founding family’s influence that ‘it’s impossible for a father to properly supervise his child’