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Investor group with 18.97% of Bunka Shutter proposes 5% buyback to fund staff share awards

A group holding 18.97% of Bunka Shutter wrote on 5 October 2026 proposing a repurchase of 5% of issued shares, to be paid out to employees as restricted stock. It is a shareholder proposal, not a company authorization.

By Tokyo Brief DeskOct 13, 20262 min readBunka Shutter Co.,Ltd.5930
Illustration of steel shutter slats with a band of slats lifted out and passed as small tokens to gloved work hands, suggesting shares repurchased and handed to employees.

Nippon Active Value Fund, NAVF Select (Master) Fund LP and Dalton Investments, which together hold 18.97% of Bunka Shutter, have proposed that the company buy back shares equal to 5% of its issued total and then dispose of them to employees as restricted-stock compensation. The three filers sent the letter to Bunka Shutter on 5 October 2026 and published it on a website, according to a large-shareholding change report (No. 17) filed on 13 October.

The proposal

The report gives the filers' reason for changing their stated holding purpose as the letter itself. They say they believe Bunka Shutter's financial soundness and market position are not reflected in its share price, and they may seek dialogue with management on ways to raise value for all shareholders. They plan to keep engaging along the lines of the letter and may make further proposals depending on how those talks go.

This is a shareholder proposal. The report does not describe any Bunka Shutter authorization of a buyback, and it gives no price or timetable for a repurchase.

Who holds what

The three filers together hold 13,694,600 shares against 72,196,487 shares outstanding as of 5 October 2026.

  • Dalton Investments: 10,035,400 shares, 13.90%.
  • Nippon Active Value Fund: 2,500,000 shares, 3.46%.
  • NAVF Select (Master) Fund LP: 1,159,200 shares, 1.61%.

The combined ratio is unchanged from the previous report; the change is in purpose only. The three have agreed to acquire Bunka Shutter shares jointly. They have no agreement to transfer shares or to exercise voting and other shareholder rights together.

Earlier letter

The report also refers to a letter the filers sent in December 2025 to all their investee companies, Bunka Shutter among them. It urged cost-of-capital and share-price-conscious management, restricted-stock pay with shareholding guidelines, and board independence. It also asked for open-minded review of all strategic options, including going private and spin-offs. That letter was addressed to the whole portfolio. The report does not say a going-private process is under way at Bunka Shutter.