Oasis Management Company Ltd. says it has already proposed to MIRAIT ONE that the company delist from the stock exchange and make a significant change to capital policy. The Cayman Islands fund manager disclosed a 5.04% stake in a large-shareholding report filed on 2 November 2026 with the Kanto Local Finance Bureau.
The stake
Oasis holds 4,603,300 shares against 91,325,329 outstanding as of 26 October, the date the reporting obligation arose. It funded the purchases with ¥14.78bn of fund money and no borrowing. The report lists on-market purchases on dates between 28 August and 26 October, each between 0.01% and 0.08% of shares.
Proposed and still to come
The report separates what Oasis has done from what it reserves. It says it has made proposals on two matters: delisting, and capital policy, which includes a purchase of MIRAIT ONE shares by a third party that would leave that party with a majority of voting rights.
Over the next 12 months, Oasis says it plans to propose more: asset disposals or acquisitions, large borrowings, removal of the representative director, appointment of specific persons as officers, a significant change in board composition, transfers, suspension or closure of parts of the business, and a change in dividend policy. It also lists delisting and capital policy again. These are stated intentions, not actions taken.
Oasis also says it plans to raise its holding through market and off-market trades, but only if it judges the share price to be undervalued. It expects to do so within three months of 26 October, though it may happen later. Price, quantity and timing are still under consideration, and regulatory filings or approvals may be needed.
What the report leaves open
The report names no buyer and sets no price or structure for a delisting. It does not record MIRAIT ONE's response. Oasis describes its engagement as seeking management's explanations and asking for some or all of its proposals to be carried out.