Shareholders Appoint Four Oasis-Nominated Outside Directors to Fujitec’s Board

Fujitec shareholders support the appointment of four Outside Directors nominated by Oasis

Fujitec shareholders remove three incumbent Fujitec Directors, including the Chairman, and excluding Mami Indo, who had resigned as a Director just before the EGM

Fujitec shareholders reject Fujitec’s two nominee director candidates

Oasis is committed to engaging constructively with the newly constructed Board on meaningful change, including further relieving Fujitec stakeholders from Uchiyama Family control

HONG KONG & TOKYO–(BUSINESS WIRE)–Oasis Management Company Ltd. (“Oasis”) is the manager to funds that beneficially own over 16.5% of elevator manufacturer and servicing company Fujitec Co., Ltd. (6406 JT) (“Fujitec” or the “Company”). In December 2022, Oasis requisitioned the Fujitec Board of Directors (“Board”) to call an extraordinary general meeting (“EGM”) to allow shareholders to vote on Oasis’s proposals to remove six incumbent directors and to appoint highly qualified independent and experienced Outside Directors in their place.

At today’s EGM, shareholders supported the appointment of four of Oasis’ independent Outside Director candidates to Fujitec’s Board, sending a strong message in favor of change and enhanced governance. Oasis is aware of the significant message sent to Fujitec’s incumbent Board and management by having four new directors appointed, which will represent 67% of the Company’s Outside Directors, and would like to thank its fellow shareholders for supporting these important changes at Fujitec.

Today marks a critical first step in strengthening Fujitec’s oversight body to protect the interests of all stakeholders. As Fujitec’s largest shareholder, Oasis is committed to engaging constructively with the newly constructed Board to demand meaningful change, including better accountability, transparency, ethics, and performance. Most importantly, we will be expecting the newly constructed Board to relieve Fujitec from Uchiyama Family control and work together to act in the interests of all shareholders.

As a responsible steward of our assets, we will actively monitor the Board’s behavior in the lead-up to the Company’s upcoming 2023 Annual General Meeting (“AGM”), and beyond. It is our firm belief that strong governance is essential to create long-term shareholder value, and we will continue to actively engage with Fujitec to ensure that this goal is achieved.

We are optimistic that, with the contribution of the newly-elected independent Outside Directors nominated by Oasis, free from Uchiyama Family influence, the Board can drive positive change and unlock the full potential of Fujitec.

About Oasis

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 for Responsible Institutional Investors” (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.

Important Disclaimer

The information contained in this press release (referred to as the “Document”) is an information resource for shareholders in Fujitec offered by Oasis, the investment manager to private funds that are shareholders of Fujitec (the “Oasis Funds”).

This material is not intended to solicit voting in favor of Oasis’ proposals, to which rules concerning solicitation of proxies applies.

Oasis is not in any way soliciting or requesting shareholders to jointly exercise their voting rights together with Oasis. Shareholders that have an agreement to jointly exercise their voting rights are regarded as “Joint Holders” under the Japanese large shareholding disclosure rules, and they must file notification of their aggregate share ownership with the relevant Japanese authority for public disclosure.

Oasis disclaims its intention to be treated as a Joint Holder with other shareholders under the Japanese Financial Instruments and Exchange Act (“FIEA) by virtue of its act to express its view or opinion or other activities to engage in dialogue with other shareholders in or through this Document or any website.

This statement and related materials exclusively represents the opinions, interpretations, and estimates of Oasis in relation to the upcoming EGM. Oasis is expressing those opinions solely in its capacity as an investment advisor to the Oasis Funds.
Contacts
Taylor Hall
media@oasiscm.com

Ashton Consulting Limited
Tadashi Shiokai and Yuzo Iwaya
Phone: +81 03-5425-7220
Email: oasisac@ashton.jp