Engagement in Japan

The share price of Aska Pharmaceutical Holdings (“Aska”) has declined significantly following the September 30 release titled “Notice Regarding the Termination of Procedures Based on the Policy for Responding to Large-Scale Purchases of the Company’s Shares, etc., in Connection with . . .

On September 30th, 2025, Dalton Investments (“Dalton”) sent a letter to Aska Pharmaceutical addressing its objections to considering a management buyout and the threat that it would enact a poison pill if Dalton increased its ownership level to 30%. Excerpts of the letter are below . . .

Dalton Investments, a major shareholder of Aska Pharmaceuticals and Bunka Shutter, has sent a letter to both companies criticizing their adoption of a “Response Policy on Large-Scale Purchase . . .

Dalton Investments has sent a letter to the Minister of Economy, Trade and Industry (METI), the Minister of Justice, the Commissioner of Financials Services Agency (FSA), and the heads of the Japan Exchange Group (JPX) urging them to consider . . .

Rising Sun Management, an affiliate of Dalton, has sent a letter to Fuji Media Holdings regarding the implementation of a reform action plan and the introduction of takeover defense measures . . .

Dalton Investments has sent a letter to the boards of directors of its portfolio companies, requesting consideration of early disclosure of securities reports and the “de-concentration” of annual general meetings dates. We have long held the view that the information disclosed in securities reports . . .

Dalton Investments’ affiliate, Rising Sun Management Ltd. (“RSM”), has sent a letter to the Board of Directors of ASKA Pharmaceutical Holdings Co., LTD (“ASKA”) to share its concerns about the company’s recently-adopted “Policy for Responding to Large-Scale Purchase Actions” . . .

Today, Fuji Media Holdings (FMH) held its Annual General Meeting. Despite heavy rain, over 3,000 shareholders waited in line to attend the Ariake Arena, an event hall that hosted Billie Eilish during her “Happier Than Ever, The World Tour.” Many shareholders, mostly individual investors . . .

On Friday, June 20, 2025, it was announced that a shareholder proposal to elect Dalton Investments (“Dalton” or “we”) founder and CIO Jamie Rosenwald to the board of Hogy Medical (3593 JP) had passed with 52.1% of votes in favor. Despite Dalton . . .

A record number of companies received shareholder proposals in this year’s June Annual General Meeting (AGM) season in in Japan, with a total of 114 companies having at least one shareholder proposal on their AGM agenda. Institutional asset managers submitted . . .