Asset Value Investors Limited, the London-based fund run by chief executive Joe Bauernfreund, has increased its stake in Wacom Co., Ltd. to 18.11%, up from 17.05% in its previous disclosure, according to an amended large shareholding report submitted to the Kanto Local Finance Bureau. The fund now holds 24,444,350 shares of the tablet and stylus maker, acquired for a combined ¥18.44bn.
| Metric | Value |
|---|---|
| Previous disclosed stake | 17.05% |
| New disclosed stake | 18.11% |
| Shares held | 24,444,350 |
| Total acquisition funding | ¥18.44bn |
| Proposed dividend payout ratio | 65% |
AVI describes its purpose as "pure investment," but the filing states plainly that it has proposed Wacom adopt a target dividend payout ratio of 65%. The report, dated August 26 and triggered because AVI's holding ratio crossed the 1-percentage-point disclosure threshold on August 19, also reserves the fund's right to pursue a wider menu of shareholder actions if it judges them necessary to lift Wacom's corporate value. Those listed options include seeking changes to board composition, the election or removal of the representative director, disposals or transfers of business units, and revisions to dividend or capital policy.
The filing does not specify a deadline for the 65% payout target.