25 March 2020 Letter to CEO: 2020 03 25 Letter to Toshiba CEO
- divest Kioxia Holdings at IPO
- divest Toshiba TEC
- an additional JPY 400 billion share buyback
- change payout ratio to 100% total shareholder return
27 December 2018 Letter to CEO:
- increase the share repurchase amount
- More commitments on the exit of non-core businesses
- Further corporate governance improvements
5 October 2018 Letter to CEO:
Follow-up JPY1.1 trillion share buy-back
26 July 2018 Letter to CEO:
- reiterate our view that the sales price of TMC was below fair value
- make further disclosures about the amount of distributable reserves at the Toshiba Corporation standalone company level
- distribute the JPY 700 billion sales proceeds from TMC at the earliest possible date
- distribute the remaining JPY 400 billion sales proceeds from TMC
28 May 2018 Letter to CEO:
- Set a JPY1.1 trillion share buy-back program ahead of the upcoming AGM and implement this as soon as possible
- Implement a transparent and appropriate capital allocation policy
- Reiterate the board’s commitment towards the restructuring of existing business units and avoiding premature M&A activity
18 May 2018 Letter to CEO:
- re-negotiate some of the key economic conditions with the Bain consortium in exchange for Toshiba refraining from exercising its unilateral right to cancel the agreement
- pursue a pro-active approach towards capital allocation given the especially high cost of equity capital the Toshiba currently faces due to its depressed share price.
10 April 2018 Letter to CEO:
- An independent expert value TMC between 3.3 to 4.4 trillion yen. It is significantly higher than 2.0 trillion yen.
- reconsider the five options we’ve provided about how to maximize value from TMC.
12 March 2018 Letter to Board of Directors:
exercise Toshiba’s unilateral right to terminate the sale of TMC to Bain at a valuation of 2.0 trillion yen EV and then sell TMC at a much higher valuation.
16 January 2018 Letter to CFO:
Sell TMC through IPO
11 December 2017 Letter to CEO:
- reconsider the sale of Toshiba Memory Corporation (“TMC”)to Bain at a valuation of 2.0 trillion yen EV
- sell Westinghouse Electric Co. at JPY 300 billion or above