July 30, 2020 / 7:31 AM / 4 days ago

Activist fund Effissimo says has cut Toshiba stake to 9.91% from 15.36%

FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company's headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo

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

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