Latest Tokyo Brief coverage on SAAF Holdings Co., Ltd., tracking filings, financial news, and market signals from Japan.
TSE:1447
A Tokyo court dismissed a shareholder's injunction bid against SAAF Holdings' takeover-defense warrants, ruling the dilutive treatment was justified because a 19-member investor group had concealed a joint stake to evade large-shareholding disclosure rules, and the company said it would carry out the allocation as planned on that day's record date.
A limited-liability company that held zero SAAF Holdings shares in June bought a 4.96% stake in two days, and SAAF's independent committee says it acted in concert with a dissident bloc whose voting power now tops 31% ahead of a September 14 warrant handout.
SAAF Holdings shareholders approved a warrant-based takeover defense by 71.54%, but only after the company's independent committee stripped 63,044 votes tied to the targeted shareholder group from the count.
SAAF Holdings' independent committee has excluded nearly 1,900 voting rights held by directors' relatives and an officer stock club from the August 25 takeover-defense ballot, alongside the 19-shareholder bidder group and the directors themselves.
The company says shareholder Toshimori Mae's demand would breach its seven-director cap, citing a June 10 Tokyo District Court decision that it says left the incumbent seven directors in office. The annual meeting is set for June 29.