Oasis Management Company Ltd., the Cayman Islands-based activist fund, disclosed on September 24, 2026 that its stake in En Inc. (TSE: 4849), the online recruitment-listings operator, has risen to 14.54%, up from 13.45% in its previous large-shareholding report. The filing, Change Report No.7, was required because Oasis's holding crossed the one-percentage-point increase threshold that triggers prompt disclosure under Japan's Financial Instruments and Exchange Act.
The stake now stands at 7,229,539 shares out of En's 49,716,000 shares outstanding as of September 14, 2026. Oasis built the position through on-market purchases on nearly every trading day from July 17 through September 14, buying between 35,000 and 62,000 shares a session. The filing states Oasis funded its overall stake entirely with ¥11.16bn of fund money, listing zero own funds and zero borrowings; it does not break out the specific cost of the July-to-September purchases.
Oasis states its purpose is dialogue with En's management aimed at protecting and improving medium- to long-term corporate and shareholder value and at improving governance. Within that stated purpose, the fund says it has already proposed three specific matters to the company: delisting of En's listed shares, a material change to capital policy, and a third party's acquisition of the company's shares that would leave that party holding more than half the voting rights.
Oasis's plan for the next 12 months repeats the delisting and capital-policy proposals it says it has already made, and adds seven further matters it intends to raise. The table below sets out the full list and how each item is described in the filing.
| Proposal | Status |
|---|---|
| Delisting of En's TSE-listed shares | Already proposed; also planned to propose again within the next 12 months |
| Material change to capital policy | Already proposed; also planned to propose again within the next 12 months |
| Third-party acquisition of shares resulting in majority voting rights | Already proposed; also planned to propose again within the next 12 months |
| Disposal of important company assets | Planned to propose within the next 12 months |
| Large-scale borrowing | Planned to propose within the next 12 months |
| Dismissal of the representative director | Planned to propose within the next 12 months |
| Appointment of specific individuals as officers | Planned to propose within the next 12 months |
| Material change to the composition of officers, including their number | Planned to propose within the next 12 months |
| Partial transfer, suspension, or discontinuation of business | Planned to propose within the next 12 months |
| Material change to dividend policy | Planned to propose within the next 12 months |
Oasis also disclosed a separate, still-conditional plan to keep buying. It intends, as a pure investment, to increase its holding by more than five percentage points through on- and off-market trades, and says it expects to do so within roughly three months of September 14, though the purchase could run past that window depending on price and other conditions. The filing gives no purchase price, volume, or firm timing, saying those terms remain under consideration, and it notes that crossing the threshold may require notification to, or approval from, regulators.
The filing was submitted to the Kanto Local Finance Bureau on Oasis's behalf by an attorney at Atsumi & Sakai, a foreign-law joint enterprise based in Tokyo. Nothing in the filing indicates En Inc. has agreed to delisting, a capital-policy change, or any other item Oasis has proposed or plans to propose.