Oasis Management Company Ltd. now holds 64,352,600 M3 shares, or 9.48% of the 679,128,200 shares outstanding on 1 October 2026, up from 8.46% in its previous report. The Cayman Islands fund manager's change report No. 4, filed on 8 October, was triggered by a rise in its holding ratio of 1 percentage point or more, with the reporting obligation arising on 1 October.
The 8.46% level was covered in Tokyo Brief's September report. What the new filing adds is a larger stake and a stated plan to go further.
Buying that is planned, with conditions
Oasis says that, as part of portfolio investment, it intends to raise its holding ratio in M3 common stock by more than 5 percentage points through trades on or off the market. It expects to do so within three months of the 1 October obligation date.
The plan carries conditions. It depends on M3's share price being at a level Oasis judges undervalued, and on other factors. The price, quantity and timing are still under consideration, and the purchases may need a regulatory filing or approval. The filing says the buying could fall after the three-month window. The filing is an intention, not a completed purchase.
Purchases in the last 60 days
The filing lists on-market purchases on most trading days from 3 August to 1 October. The largest was 6,095,500 shares (0.90% of shares outstanding) on 7 August, followed by 3,914,600 shares (0.58%) on 15 September. The last entry is 700,000 shares (0.10%) on 1 October. The filing gives no unit prices for these trades. It puts the acquisition funding at ¥106.8bn, all fund money, with no own funds or borrowings.
Proposals: made and planned
Oasis describes its aim as dialogue with M3 management on management policy, with the goal of lifting medium- to long-term corporate value and improving governance.
The filing says Oasis is already making proposals to M3 on matters in two statutory categories. One is delisting of M3's securities from an exchange. The other is material changes in capital policy, including an outside party's acquisition of M3 shares that would leave it holding a majority of voting rights.
Over the next 12 months, Oasis says it plans to make proposals on a longer list:
- removal of a representative director
- appointment of specific people as officers
- material changes to board composition, including its size
- transfer, acquisition or suspension of part of the business
- a material change to dividend policy
- delisting
- the capital-policy and majority-acquisition matters above
The filing names categories of proposal, not their content. It does not say whom Oasis would put forward as a director, which business it would have M3 transfer, or what dividend policy it wants. The list is a statement of subjects Oasis may raise, not evidence of an agreed transaction, a board change or a delisting.