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Toshiba investor 3D urges board to take three critical actions before annual meeting

Shareholder 3D asks Toshiba to take three critical actions before annual meeting
Shareholder 3D asks Toshiba to take three critical actions before annual meeting   -   Copyright  Thomson Reuters 2022
By Reuters

-Toshiba Corp investor 3D Investment Partners is pushing the Japanese company’s board to take a trio of actions before its annual general meeting, including seeking interest from buyout firms.

In a letter to the company’s board on Wednesday, the Singapore-based fund also asked Toshiba to disclose a mid-range plan that reflects opportunity and consult with shareholders over the board’s composition.

3D owns a 7.6% stake in Toshiba, according to data from Refinitiv.

The letter comes after nearly 60% of Toshiba shareholders voted in March against a plan to spin off its devices business.

3D’s separate call for a private-equity buyout was rejected last month by just short of 55% of shareholders who voted.