NEW YORK--(BUSINESS WIRE)--King Street Capital Management, L.P. (“King Street”), one of Toshiba Corporation’s largest shareholders (owning approximately 5.4% of outstanding shares), announced today that it intends to nominate a slate of new independent Directors to replace a majority of the Board at the Company’s 2019 Annual General Meeting of Shareholders (“AGM”). The slate will include King Street’s Co-founder, Brian J. Higgins. King Street believes these candidates, which include seasoned industry executives, investors and turnaround experts, have the necessary skills and backgrounds to assist in unlocking Toshiba’s inherent value for the benefit of all stakeholders and returning it to its rightful place as a crown jewel of corporate Japan.
King Street also announced today that it has issued a letter to Toshiba’s CEO, which, among other things, explains the reasons for its actions.
The letter can be viewed at the following link: http://www.unlockingtoshibavalue.com.
Important Notice
This press release and the letter to Toshiba’s CEO were not prepared and should not be construed to have been prepared to ask or solicit any person to authorize King Street or any third party to exercise voting rights on such person’s behalf with respect to the election of Directors or any other matter to be presented to shareholders at the AGM. King Street has not made any decision or determination whether it will submit a shareholder’s proposal for the AGM or whether it will conduct a proxy solicitation for the AGM. This press release and the letter to Toshiba’s CEO do not mean or imply that King Street plans to take such actions.
About King Street
King Street is a $20+ billion global investment management firm founded by Fran Biondi and Brian J. Higgins in 1995 with offices in New York, London, Singapore, Tokyo and Charlottesville, VA. King Street employs a fundamental, research-intensive approach across multiple strategies, markets, industries and asset classes.
