Oasis Management Company Ltd. now holds 15.63% of en inc., up from 14.54% in its previous report, according to a large-shareholding change report filed on 7 October 2026. The earlier 14.54% stake was covered in Tokyo Brief's previous article.
The stake
The Cayman Islands fund manager holds 7,769,539 shares against 49,716,000 shares outstanding as of 30 September 2026, the date the reporting obligation arose. Oasis is the only filer and lists no joint holders. The report, No. 8 in the series, gives the reason for filing as a rise of 1 percentage point or more in the holding ratio.
The 60-day purchase schedule shows daily on-market buying from 3 August to 30 September. Lots started at 42,000 shares a day (0.08% of shares outstanding each), moved to roughly 48,000 (0.10%) from 19 August and to roughly 60,000 (0.12%) from 8 September. The report lists no unit prices.
The report puts total acquisition funding at ¥12.09bn, all described as fund money, with no own funds and no borrowing.
Proposals made and proposals reserved
The filing separates what Oasis says it is doing from what it says it may do. It states that it is already making proposals to en inc. on two categories: delisting, and material changes to capital policy, including an acquisition of en inc. shares by a party other than the company that would leave that party with a majority of voting rights.
A longer list covers the next 12 months. Oasis says it plans to make proposals on disposal of important assets, large borrowings, dismissal of a representative director, appointment of specified people as officers, material changes to the composition of officers (including their number), transfer, suspension or abolition of part of the business, and material changes to dividend policy. The delisting and capital-policy categories appear on that list again.
These are statutory categories of proposals, and the report does not set out terms for any of them. It does not say that en inc. has agreed to anything, and a plan to propose a director dismissal is not a dismissal.
More buying, with conditions
Oasis says that, as part of a pure investment, it plans to raise its holding ratio by more than 5 percentage points through on-market or off-market trades. It says it will do so only if it judges the market price to be at an undervalued level and the conditions otherwise suit it.
Price, quantity and timing are, in the report's words, still under consideration. Oasis plans to act within three months of 30 September but says it could go beyond that window, and that the purchases may need regulatory filings or approval.