Oasis Management Company Ltd. now holds 10.14% of Shibaura Machine Co., Ltd., up from 9.02% in its previous report, and says it plans to buy more. The Cayman Islands fund manager filed the amended large-shareholding report (change report no. 4) on 1 October, with a reporting-obligation date of 24 September. The stated reason for the filing is a rise of 1 percentage point or more in the holding ratio.
The stake
Oasis holds 2,516,400 shares against 24,820,406 shares outstanding as of 30 June 2026. The report lists purchases from 18 August to 24 September, almost all on the market. They include a 14,000-share off-market purchase on 10 September at ¥4,210 a share and a 105,000-share market purchase on 11 September. The report puts acquisition funding at ¥9.68bn, described as fund money, with no borrowing and no collateral or other material contracts.
The stated agenda
Oasis says it is in dialogue with Shibaura Machine about matters it believes bear on medium- to long-term corporate value, mainly corporate governance. It describes its aim as raising that value by fixing what it calls serious defects in governance. The report does not say what the defects are.
Over the next 12 months, Oasis says it plans to make proposals on matters listed in the relevant Financial Instruments and Exchange Act enforcement order. The list is broad: major asset sales or purchases, large borrowing, dismissal of a representative director, appointment of specific people as directors, significant board changes, mergers and major demergers, business transfers or closures, a material change in dividend policy, delisting, and significant changes to capital policy. It also covers an acquisition by a third party that would take that party above a majority of voting rights. A plan to propose on a topic is not a submitted proposal, and the report does not say any has been made.
More buying planned
As of the obligation date, Oasis says it plans a further acquisition, as part of portfolio investment, that would raise its holding ratio by more than 5/100. It expects to complete this within three months of 24 September but says it may fall later. It says the purchase depends on Shibaura Machine's shares trading at a level it judges undervalued and on other conditions. Price, quantity and timing are still under consideration, and regulatory filings or approvals may be needed.