Effissimo Capital Management Pte. Ltd., a Singapore-based investment adviser, holds 31,659,700 Tamron shares, or 18.54% of 170.8mn shares outstanding, up from 17.38% in its previous report, according to a large-shareholding change report (No. 35) filed on 8 October. The obligation to file arose on 5 October, when Effissimo bought 270,100 shares (0.16%) on the market.
Conditional language on further buying
The filing states the holding purpose as pure investment. Of the shares held, 31,658,900 are managed for clients under discretionary investment contracts. Effissimo says it has no concrete plan to raise its holding ratio by more than 5 points. It adds that it may do so through market or off-market trades, depending on price and liquidity trends in Tamron shares, Tamron's business condition, and whether acquisition proposals exist and how they develop, including the one from Sony.
That is a statement of possibility, not a plan. The change report does not describe the terms of Sony's proposal, and it does not say whether Effissimo backs it. The cover page lists a change in holding purpose among the reasons for filing, but the report does not show the earlier wording.
Pledges and funding
Effissimo pledged 17,541,600 of the discretionary-managed shares to Goldman Sachs International. Under prime brokerage contracts it has also given its prime brokers security rights over custody assets. As of 5 October, the covered shares were 12,191,700 for Goldman Sachs International and 841,600 for J.P. Morgan Securities plc.
The report lists acquisition funding of ¥17.24bn, almost all of it client funds, with ¥174 thousand of Effissimo's own money and no borrowings.