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Activist fund Effissimo says has cut Toshiba stake to 9.91% from 15.36%

Published 07/30/2020, 03:32 AM
Updated 07/30/2020, 03:35 AM
© Reuters. FILE PHOTO: Logo of Toshiba Corp is seen as Window cleaners work on the company's headquarters in Tokyo

TOKYO (Reuters) - Singapore-based activist fund Effissimo Capital Management said on Thursday it has cut its stake in Toshiba Corp (T:6502) to 9.91% from 15.36% amid a proxy fight to add three directors.

Effissimo Capital Management is calling for Toshiba to elect an Effissimo co-founder and two others as outside directors ahead of the industrial conglomerate's annual shareholder meeting on Friday.

Effissimo said the stake sale will make its co-founder meet Toshiba's criteria for independent director, which disqualify executives of funds holding a 10% stake or more in the company from that role.

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