Oasis Management Company Ltd., the Cayman Islands-based activist fund, disclosed on September 7, 2026 that its stake in en inc. (TSE: 4849), the Tokyo-listed recruitment and HR services company, has risen to 13.45% of outstanding shares, up from 12.41% in its previous report. The filing, Oasis's sixth change report on the company, shows the fund holding 6,687,539 of en inc.'s 49,716,000 shares outstanding as of August 31, 2026, funded entirely with fund money rather than the manager's own capital or borrowings, totaling ¥10.28bn.
The report's trading log shows near-daily on-market purchases from July 7 through August 31, 2026, typically between 30,000 and 49,000 shares a day, with the daily pace stepping up from roughly 42,000 shares in early August to 48,000 shares by month's end. Oasis filed the report alone, without joint holders.
The substance of the filing is the agenda attached to that stake. Oasis says it has already proposed to en inc.'s management that the company's shares be delisted from the Tokyo Stock Exchange, and that management consider a capital-policy change that would let a third party acquire majority voting control. Those are only the items already on the table. The filing separately reserves the right to bring a broader set of governance and control proposals to the company over the next 12 months.
| Status | Proposal category |
|---|---|
| Already proposed | Delisting en inc.'s shares from the Tokyo Stock Exchange |
| Already proposed | Capital-policy change giving a third party majority voting control |
| Reserved, within 12 months | Disposal of material company assets |
| Reserved, within 12 months | Taking on large new borrowings |
| Reserved, within 12 months | Dismissal of the representative director |
| Reserved, within 12 months | Appointment of specific individuals as officers |
| Reserved, within 12 months | Material change in board composition |
| Reserved, within 12 months | Partial transfer, suspension or abolition of business |
| Reserved, within 12 months | Material change in dividend policy |
Oasis describes the whole program as part of an ongoing dialogue meant to protect and raise en inc.'s mid- to long-term corporate and shareholder value and to improve its corporate governance. Nothing in the filing indicates en inc.'s board has agreed to, or even formally responded to, any of the listed items; the document is a disclosure of what Oasis intends to propose or has proposed, not a record of management's position.
The filing also leaves room for Oasis to keep buying. It says it plans, as part of a portfolio investment, to raise its holding by more than five percentage points through market and off-market transactions, but only if en inc.'s stock is trading at a level Oasis judges undervalued, and only if other unspecified conditions are met. Price, quantity and timing remain under consideration, the filing says, and any such purchase may require notification to, or approval from, regulators. Oasis states it intends to make that move within roughly three months of the August 31 filing trigger, while acknowledging the timing could slip beyond that window.
The filing does not disclose how en inc.'s board has responded to any of the proposals, nor does it commit Oasis to a purchase price, a share count or a firm date for its next move.