GENDA's latest large-holder update is about shareholding plumbing, not a change in the headline stake. Nao Kataoka and joint holder Scarsdale Inc. reported a combined 25,600,600 shares, or 13.63% of the company, as of May 26, unchanged from the last report. The stated reason for the disclosure was changes to collateral and other important contracts.
The control wrinkle sits in the contract detail. Kataoka says 955,000 shares were lent to Tokai Tokyo Securities on May 25 under a stock-loan agreement, on top of earlier loans of 1,840,000 shares, 160,000 shares and 145,000 shares. Crucially, the report says those loaned shares remain in Kataoka's name and that he keeps the voting rights.
The same disclosure also lists pledged shares with Mizuho Bank, SMBC Nikko Securities, Okasan Securities, Daiwa Securities, Yamanashi Chuo Bank, SBI Shinsei Bank and Monex Securities. In other words, the reported holding stayed flat while more of it sat inside collateral and lending arrangements. Kataoka's own reported holding remained 23.56 million shares, or 12.54%, while Scarsdale's remained 2.0406 million, or 1.09%.