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Nippon Active Value takes on Intage Holdings

Rising Sun Management, investment advisor to Nippon Active Value Fund, has sent a letter to the management of Intage Holdings (a Japanese marketing research firm), to notify it of several proposals that will be made at Intage’s forthcoming Annual General Meeting.

A friendly management buyout (MBO) proposed in February 2022 has been rejected by Intage. Rising Sun does not accept Intage Holdings’ view that corporate value and the interests of shareholders are secured and enhanced by its growth strategy as a listed company.

The proposals suggest that Intage should:

  • Replace Intage’s current point-based compensation trust-type stock incentive scheme with a proper restricted shares programme in line with METI Incentive Guidance
  • Seek a clear commitment to a meaningful share buyback
  • Greatly increase dividends

Funds advised by Rising Sun – NAVF, Earl 1927 LLC and Michael 1925 LLC – hold 4.1m common shares in Intage, making them collectively the company’s biggest shareholder with a 10.17% stake.

The letter to Intage is available here.

NAVF : Nippon Active Value takes on Intage Holdings

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