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    6502   JP3592200004

TOSHIBA CORPORATION

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Delayed Japan Exchange  -  02:00 2022-08-16 am EDT
5187.00 JPY   -0.06%
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Over 20% of Toshiba investors against activist fund execs, dissident director

06/30/2022 | 02:45am EDT
FILE PHOTO: Logo of Toshiba Corp is seen as Window cleaners work on the company's headquarters in Tokyo

TOKYO (Reuters) - More than 20% of Toshiba Corp shareholders voted against a dissident external director and two board directors from activist hedge fund investors, final voting results showed on Thursday.

Such a level of opposition to company-backed candidates remains rare in Japan, although cases of rejection are on the rise as shareholder activism has begun to take root. Last year, Toshiba shareholders voted out the then-board chairman in a rebuke of the company after it was found to have colluded with the government in suppressing foreign investor interests.

External director Mariko Watahiki, who opposed the candidacy of directors from Elliott Management and Farallon Capital Management, saw 23% of shareholders vote against her. She had the lowest support rate, of 64%, among 13 director nominees.

Watahiki tendered her resignation soon after the vote at the annual shareholders meeting on Tuesday. The former high court judge had argued the appointments of the two could skew the board too much towards the input of activist investors.

Nabeel Bhanji, a senior portfolio manager at Elliott, and Eijiro Imai, managing director at Farallon, both had opposition rates of about 22%, while about 78% supported them.

Chief Executive Taro Shimada got 86% of votes, with more than 12% abstaining.

Seven new board directors were appointed and six including Watahiki were re-appointed on Tuesday.

(Reporting by Makiko Yamazaki; Editing by Tomasz Janowski)


© Reuters 2022
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Analyst Recommendations on TOSHIBA CORPORATION
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Financials
Sales 2023 3 335 B 24 838 M 24 838 M
Net income 2023 186 B 1 385 M 1 385 M
Net Debt 2023 190 B 1 416 M 1 416 M
P/E ratio 2023 13,3x
Yield 2023 5,68%
Capitalization 2 244 B 16 712 M 16 712 M
EV / Sales 2023 0,73x
EV / Sales 2024 0,72x
Nbr of Employees 116 224
Free-Float 95,2%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 5 187,00 JPY
Average target price 5 166,25 JPY
Spread / Average Target -0,40%
EPS Revisions
Managers and Directors
Taro Shimada President & Chief Executive Officer
Masayoshi Hirata CFO, Head-Accounting & Finance Management
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Hideaki Ito Head-Technology Planning, R&D Center
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