Three investors reporting jointly now hold 8,059,800 shares of Meisei Industrial, or 14.62% of the 55,117,218 shares outstanding on 14 October 2026, up from 13.62% in their previous report. The change report (No. 10) was filed on 21 October.
Where the extra point came from
The increase came from one holder. NAVF Select (Master) Fund LP rose to 6.07% from 5.07%, holding 3,348,300 shares. The filing lists on-market purchases by the fund on separate dates from 17 August to 14 October. Nippon Active Value Fund PLC held 4,625,600 shares (8.39%, unchanged), and Dalton Investments, Inc. held 85,900 (0.16%, unchanged).
The three filers agreed to buy Meisei Industrial shares jointly. They have no agreement to transfer shares jointly or to exercise voting rights together.
What the filers want
The filing states the investors' view that Meisei Industrial's financial health and market position are not reflected in its share price. On 14 April 2026, Nippon Active Value Fund submitted a shareholder proposal for the June annual meeting with three items: a share buyback, an amendment to the articles on the number of outside directors, and an amendment on the meeting's record date. The filing does not say how those items fared.
The filers also point to a December 2025 letter sent to all their portfolio companies. It urged capital-cost and share-price-conscious management, restricted stock pay with shareholding guidelines, and board independence. It also proposed examining all strategic options, including going private and spin-offs, without preconceptions. The filing says dialogue will continue along those lines and further proposals are possible. It does not describe any transaction under way.