Evo Fund's reported holding ratio in J-Holdings Inc. slipped to 0.3519 from 0.3627 in the previous report, enough to trigger a change report. The filer said the trigger was a fall of more than 1% in both the overall and standalone holding ratios, together with a change in the composition of the position. The disclosure obligation arose on May 25 and the report was submitted on June 1.
The more useful detail is the mix. The report shows 218,200 shares and 6,150,000 share subscription rights, for a total of 6,368,200 securities held. In other words, most of the disclosed position remains in subscription rights rather than ordinary shares, so this is not a simple straight-share position.
This is also a joint-filer disclosure. The cover page lists two filers or joint holders, Evo Fund and Evolution Capital Management LLC. The same report lists 12,300,000 residual shares held by filers and joint holders, with 6,150,000 deducted because of rights among joint holders. That small print matters: the headline change is a lower reported holding ratio in J-Holdings, but the structure is more technical than a plain two-investor tally.