Effissimo Capital Management Pte. Ltd., a Singapore investment adviser, holds 4,616,800 shares of TOWA, or 6.14% of the 75,167,951 shares outstanding on 6 November, according to a large shareholding report filed on 13 November.
A stake and a stated plan
The report gives the purpose of the holding as pure investment: Effissimo says it seeks gains from a rising share price and dividends as TOWA's corporate value improves over the medium to long term. The "important proposals" section of the report is blank.
Effissimo also says it plans to raise its holding ratio by more than five percentage points through on-market or off-market trades within three months. It adds that purchases may not proceed as planned, depending on TOWA's share price, trading liquidity and business condition. The plan is therefore stated intent, not a completed purchase or a binding commitment.
The 10% line
Effissimo says it has no direct aim of buying shares that would take it above 10%, but that its holding could end up above that level as a result of the planned purchases. The filing does not say what price Effissimo expects to pay or give a target ratio.
Recent buying and structure
The filing lists one acquisition in the past 60 days: 886,900 shares, or 1.18%, bought on the market on 6 November, the date the reporting obligation arose. Effissimo is the only filer, with no joint holders.
The report puts total acquisition funding at ¥11.74bn, listed under customer funds, with no borrowing entered. It also says Effissimo has granted security under a prime brokerage contract covering the same 4,616,800 shares held with Goldman Sachs International.
For earlier coverage of the company, see Earlier Tokyo Brief coverage.