And the vote is getting closer.
Shareholders are scheduled to vote on March 24 on the restructuring plan, which involves the division of Toshiba into two independent companies, one of which will focus on semiconductor components and enter the stock exchange. As noted Reutersalready now among the shareholders of the corporation there is growing dissatisfaction with the measures proposed by the management to stabilize the financial position of the Japanese manufacturer with a 146-year history.
Image Source: Reuters
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To begin with, Effissimo Capital Management, which owns 10% of Toshiba’s shares, opposed the proposed restructuring plan, urging the corporation to first find a strong management team that could bring controversial initiatives to a successful conclusion. ISS consultants also urged shareholders to vote against the split of Toshiba’s assets, calling a share buyback a more coherent alternative. The company’s second-largest shareholder, 3D Investment Partners, also sees a sale of Toshiba shares to an investment conglomerate as the best way out. At the same time, the current management of the corporation considers it necessary to insist on restructuring according to the scheme proposed at the beginning of this year.