Oasis Management Company Ltd. now holds 21.36% of Infomart, up from 20.13% in its previous report, and says it plans to buy more. The Cayman Islands fund manager filed change report No. 14 with the Kanto Local Finance Bureau on 29 September. The filing was triggered by a rise of 1 percentage point or more in its holding ratio, with the reporting obligation arising on 17 September.
Tokyo Brief reported Oasis's move past a 20% stake on 18 September. This filing gives the size of the holding, the pace of buying and the list of matters Oasis says it may propose.
The holding and the buying pace
Oasis holds 57,129,800 shares against 267,507,864 shares outstanding as of 13 August 2026. Its 60-day trading table shows market purchases on every listed trading day from 21 July to 17 September. Daily buying ran at about 0.24% to 0.36% of shares outstanding until late August. It stepped up in September, with a single-day purchase of 3,000,400 shares (1.12%) on 2 September. The last listed day, 17 September, was 829,100 shares (0.31%).
The filing puts the acquisition funding at ¥31.64bn, listed as fund money. It shows no borrowings and no collateral or other material contracts covering the shares.
What Oasis has already proposed
Oasis says it has opened a dialogue with Infomart on growth strategy, use of AI and data, pricing strategy and the product portfolio. It describes the aim of its proposals as constructive talks with management, better understanding of strategy, higher medium- to long-term corporate value and better governance.
The filing says Oasis has made proposals to Infomart on four categories of matter defined in the Financial Instruments and Exchange Act enforcement order: disposal of important assets, appointment of specific persons as officers, significant changes to the composition of officers (including their number), and discontinuation of part of the business. It does not name the assets, candidates or business lines.
What Oasis says it plans
For the next 12 months from 17 September, Oasis says it plans to make proposals on a longer list. The list repeats the four categories above and adds selection and dismissal of representative directors and representative executive officers, an absorption-type merger or share exchange in which Infomart would be the disappearing or wholly owned party, and a company split of a main business. It also covers transfer or acquisition of part of a business, delisting of Infomart's shares from the exchange, and an acquisition by a party other than Infomart that would leave that party with a majority of voting rights. These are matters Oasis plans to raise. The filing describes none as agreed or decided.
Oasis also plans a purchase it calls a "5%-plus acquisition", raising its holding ratio by more than 5% through on-market and off-market trades. It ties this to the share price being at a level it judges undervalued and to other conditions. Price, quantity and timing are still under consideration, and regulatory filings or approvals may be needed. Oasis expects to act within three months of 17 September but says it could happen later.