Oasis Management has turned its Infomart stake into an active push for boardroom and structural change. A change report filed with the Kanto Local Finance Bureau on September 11, 2026 shows the Cayman Islands fund's holding in the Tokyo-listed business-transaction platform rose to 17.97% (48,066,100 shares of 267,507,864 shares outstanding), up from 16.95% in its prior filing, a threshold crossing that triggered the disclosure. Oasis funded the position entirely with fund money, putting ¥25.23bn behind the stake as of the filing date.
| Metric | Value |
|---|---|
| Previous disclosed stake | 16.95% |
| Current disclosed stake | 17.97% |
| Shares held | 48,066,100 |
| Total shares outstanding (Aug 13, 2026) | 267,507,864 |
| Acquisition funding disclosed | ¥25.23bn (fund money) |
The filing is not a passive update. Oasis says it has already put proposals to Infomart's management under four specific categories set out in Japan's financial instruments ordinance: disposal of important company assets, appointment of specific individuals as officers, a significant change to board composition, and discontinuation of part of the business. Those are live requests, not hypotheticals.
The fund also flags what could follow. Within the next 12 months, Oasis says it plans to bring proposals covering the selection or dismissal of representative directors, mergers, share exchanges or company splits, transfers of business units, delisting Infomart's shares from the Tokyo Stock Exchange, and a scenario in which a third party's acquisition of Infomart stock would hand that party majority voting control. None of this means Infomart has agreed to anything: the filing describes what Oasis intends to raise, not any negotiated outcome.
Behind the proposals is a buying pace that accelerated sharply into the filing date. Oasis bought Infomart shares in the market almost daily from mid-July through early September, picking up speed in the final stretch: 1,209,200 shares on September 1, 3,000,400 shares, or 1.12% of the outstanding shares, on September 2, 1,196,200 shares on September 3, and 1,537,100 shares on September 4, the day the reporting obligation arose. Oasis says it intends to keep buying, aiming to add more than 5 percentage points to its holding, subject to the shares trading at a level it considers undervalued and other unspecified conditions, with a rough target of doing so within three months of September 4, though it notes that timeline could slip.
Oasis frames the campaign as constructive: it says it opened dialogue with Infomart's management on growth strategy, use of AI and data, pricing strategy, and the product portfolio, aiming to improve Infomart's medium- to long-term corporate value and its corporate governance. The filing was submitted by Oasis alone, with no joint holders listed, as a single change-report submission. The stated intent is engagement, but a proposal list running from asset sales to a possible delisting gives Oasis leverage that goes well beyond a request for a meeting.