Overview

• The defense grants existing shareholders free stock warrants if any party exceeds a 20% holding in FMH.
• An independent committee of six external directors has been established to oversee potential activations of the defense measures.
• Entities tied to Aya Nomura and former Murakami fund investors have built their stake to over 15% since February.
• Those investors have indicated plans to push their holding toward the 33.3% voting cap under Japan’s broadcasting law and carve out the profitable Sankei Building real estate subsidiary.
• US fund Dalton Investments, which challenged FMH’s board slate at the June shareholder meeting, continues to press for governance changes.