Oasis has been engaging with Hokuetsu since 2019 to encourage the Company to improve corporate governance, increase its corporate value, and improve profitability.
In October 2021, Oasis announced a public engagement campaign (“A Better Hokuetsu”) (https://abetterhokuetsu.com ), encouraging Hokuetsu to sell its stake in Daio. Since then, Daio’s share price has declined by -48%, resulting in a loss of economic value to Hokuetsu and its shareholders of JPY40 billion, equivalent to five years of Hokuetsu’s net profit.
In May 2023, Oasis announced a second public engagement campaign (“Accountability NOW”) encouraging fellow shareholders to vote AGAINST Kishimoto’s re-election as a Board of Director, to hold him accountable for his track record of mis-management of Hokuetsu.
Today, Oasis is the second-largest shareholder of Hokuetsu, owning over 18% of the Company’s shares outstanding.
Despite Oasis’s repeated requests, and notwithstanding our status as the Company’s largest shareholder for years, and current status as the Company’s second-largest shareholder, we have been granted an audience with Mr. Kishimoto just once, in December 2023, after five years of engagement.
The time has come to end Mr. Kishimoto’s control and make way for better corporate governance and clear, objective decision-making.
