Oasis Management Company has raised its stake in en inc. (TSE: 4849) to 12.41% from 11.40%, according to an amended large-shareholding report filed with Japan's Financial Services Agency on August 21, 2026. The Cayman Islands-based fund now holds 6,170,539 shares of the roughly 49.7mn shares outstanding, as of the August 14, 2026 reporting-obligation date.
The filing widens Oasis's stated agenda well past routine engagement language. The fund says it has already put two proposals to en inc.: delisting the company's shares from the Tokyo Stock Exchange, and a capital-policy change that could let an outside party gain majority voting control. Oasis adds that, over the next 12 months, it plans to bring proposals on seven further items, from asset disposals and new borrowing to dismissing the representative director and changing dividend policy.
| Proposal area | Status disclosed by Oasis |
|---|---|
| Delisting of en inc. shares from the Tokyo Stock Exchange | Already proposed to the company |
| Capital-policy change that could let an outside party gain majority voting control | Already proposed to the company |
| Disposal of significant company assets | May propose within 12 months |
| Large new borrowing | May propose within 12 months |
| Dismissal of the representative director | May propose within 12 months |
| Appointment of specific individuals as officers | May propose within 12 months |
| Significant change to board composition | May propose within 12 months |
| Partial transfer, suspension or discontinuation of a business | May propose within 12 months |
| Significant change to dividend policy | May propose within 12 months |
Oasis also disclosed a plan to increase its holding by more than five additional percentage points through market or off-market trades, but only if en inc. shares trade at a level it considers undervalued. The fund says it intends to complete that purchase within three months of the reporting date, though it flagged the timing could slip depending on price and possible regulatory clearance, and gave no fixed price, share count or date. The filing shows Oasis buying on nearly every trading day between July 7 and August 14, 2026, in on-market tranches of roughly 30,000 to 42,000 shares, funded from what it labeled "other sources" rather than its own cash or borrowed money, totaling ¥9.45bn.
None of the items listed is a formal shareholder resolution filed for a vote. They are disclosed intentions under Japan's large shareholding disclosure rules, and the filing itself contains no response from en inc.