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*President and Vice President Aoki sold themselves options worth JPY7.256bn for only JPY52.5mn
*The issuance of these highly dilutive options followed an unusual downward forecast revision, temporarily depressing Kusuri No Aoki’s share price
*The Company’s auditor, KPMG AZSA, resigned shortly after options issued
*Oasis recommends shareholders vote AGAINST the re-election of the Company’s president and the vice president, and the election of the Company’s newly proposed outside director candidate Mr. Hiromitsu Fujii
*Oasis recommends shareholders vote FOR Oasis’s independent Outside Director candidate and its proposed governance best practice measures to improve oversight and protect stakeholder interests from governance abuse
More information available at www. KusuriNoAokiCorpGov.com
Oasis Management Company Ltd. (“Oasis”) is the manager to funds that beneficially own 5.5% of drugstore operator Kusuri No Aoki Holdings Co., Ltd. (3549 JT) (“Kusuri No Aoki” or “Aoki” or the “Company”). Oasis has adopted the Japan FSA’s “Principles of Responsible Ownership” (a/k/a the Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with its investee companies.
Oasis, a long-term shareholder of Aoki, urges fellow shareholders to hold the Aoki family leadership accountable at the upcoming Annual General Meeting of Shareholders (“AGM”) for a tenure of neglect of stakeholder interests. Under their leadership, Aoki has experienced several serious governance breaches, including a suspicious stock option issued to President Hironori Aoki and Vice President Takanori Aoki granting them the right to buy approximately JPY24bn of shares for JPY52.5mn, while the Company’s disclosures state the options were worth JPY7.256bn. The stock options were issued shortly after the Company made unusual downward revisions to forecasts, significantly depressing the stock price.
Oasis urges Aoki shareholders to vote AGAINST:
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