Oasis Management Company Ltd., the Cayman Islands-registered activist fund, told Japan's Financial Services Agency on August 19 that its stake in Nichirei Corporation (TSE: 2871), the Tokyo-listed frozen food and cold-chain logistics group, has risen to 7.27% of outstanding shares, up from 6.07% in its previous report. The amendment, the fund's second change filing on this holding, was triggered because the increase crossed the one-percentage-point threshold that forces disclosure, and because Oasis also updated its stated purpose for holding the shares.
| Metric | Value |
|---|---|
| Stake before this filing | 6.07% |
| Stake after this filing | 7.27% |
| Shares held by Oasis | 18,675,300 |
| Nichirei shares outstanding (June 30, 2026) | 256,984,963 |
| Total acquisition funding for entire position | ¥35.55bn (fund money, no borrowing disclosed) |
| Disclosure-trigger date | August 12, 2026 |
Oasis now holds 18,675,300 Nichirei shares against 256,984,963 shares outstanding as of June 30, 2026. The filing's 60-day transaction log lists near-daily on-market purchases from July 1 through August 12, 2026, but does not state a yen value for each trade. Separately, Oasis discloses total acquisition funding of ¥35.55bn covering its entire Nichirei position; the filing categorizes that amount as fund money under an "other funds" heading, with no borrowing shown.
The stated purpose section is unusually explicit for a Japanese large-shareholding filing. Oasis says it is already in dialogue with Nichirei's management and has made proposals covering board composition, the disposal or acquisition of significant assets, large borrowings, discontinuation of business lines, and dividend policy. Over the next 12 months, the fund says it may also press for the removal of Nichirei's representative director, the appointment of specific individuals to the board, and delisting of the shares from the Tokyo Stock Exchange. It separately flags that its capital-policy proposals could, in principle, lead to a situation where another party ends up holding a majority of voting rights.
Oasis disclosed one further contingent plan: buying more than 5 percentage points of additional Nichirei stock, through market and off-market trades, within three months of the August 12 disclosure trigger date. The fund says that purchase depends on Nichirei's share price reaching a level it judges undervalued and on any required regulatory clearance, and that the timeline could slip past three months if those conditions aren't met.
What the filing does not say is just as notable. There is no target price, no named board seats or executives, and no committed date for any specific proposal to come to a shareholder vote. For now, Oasis has put a wide menu of possible demands on the table and backed it with a growing position; which items it actually pursues, and how Nichirei's board responds, will show up in Nichirei's own disclosures and any future Oasis amendments.