TOKYO (Reuters) – Singapore-based activist fund Effissimo Capital Management said on Thursday it has cut its stake in Toshiba Corp <6502.T> to 9.91% from 15.36% amid a proxy fight to add three directors.
Effissimo Capital Management is calling for Toshiba to elect an Effissimo co-founder and two others as outside directors ahead of the industrial conglomerate’s annual shareholder meeting on Friday.
Effissimo said the stake sale will make its co-founder meet Toshiba’s criteria for independent director, which disqualify executives of funds holding a 10% stake or more in the company from that role.
(Reporting by Makiko Yamazaki; editing by John Stonestreet)
