Toshiba shareholders on Thursday voted down competing proposals - one presented by management and the other backed by activist shareholders - leaving the future direction of the embattled Japanese conglomerate uncertain.
Management's plan to spin off Toshiba's devices unit and the separate call to seek buyout offers had both failed to gain the required 50 per cent of the vote.
The untidy outcome ensures there will be no immediate end to a four-year scandal-filled battle between management and foreign activist hedge funds, while underscoring deep divisions among Toshiba shareholders.
Opposition to Toshiba's plans to break up the company had been widespread and included proxy advisory firms, and its failure comes as no surprise. But the outlook for Singapore-based 3D Investment Partners' proposal that Toshiba solicit private equity buyout offers or a minority investment had been less clear cut.
Although 3D and Toshiba's other top two shareholders had supported the quest for a buyout offer, proxy advisory firm Institutional Shareholder Services had advised against it, saying the proposal "appears overly prescriptive and premature".
Where Toshiba management goes from now is very much an open question, although the company is expected to revise its restructuring plan. Some analysts said they expect sales of some assets such as Toshiba Tec, which makes point-of-sale systems and copiers.
Speaking at the end of the extraordinary general meeting, Toshiba's new chief executive Taro Shimada, a former Siemens executive, only said the company "would consider various strategic options".
Toshiba's shares ended down 0.5 per cent after the results.
For some observers, the results represented a major setback for the activist hedge funds.
"It looks terrible for the activists primarily because they don't have a big enough stake to dictate the voting and are unwilling to commit further capital," said David Baran, co-founder of fund management firm Symphony Financial Partners.
"They're trapped. They thought they could get away with their US-style tactics because it made sense to them. Well, how's that working out?"
But the push for a buyout, which has the potential to yield solid returns for hedge funds that bought into the crisis-ridden conglomerate, is far from over.
Activist shareholders plan to fight on to force the company to restart talks with private equity firms regardless of the vote outcome, sources told Reuters previously.
Some shareholders said they expect one or two top investors to nominate their own representatives for the board at Toshiba's annual shareholders meeting in June to make the company solicit private equity buyout offers.
During the five-month strategic review last year, Toshiba held discussions with private equity firms but decided not to entertain potential offers.
It also walked away from advanced talks for a minority stake from Canada's Brookfield Asset Management, sources have said, adding that the private equity firms Toshiba held talks with included KKR & Co and Bain Capital.
Toshiba has argued the potential buyout offers were insufficiently compelling.
The make-up of Toshiba's board will also be a key focal point amid criticism it conducted a flawed strategic review that led to the plans to break up the company.
It looks terrible for the activists primarily because they don't have a big enough stake to dictate the voting and are unwilling to commit further capital
David Baran,
co-founder of fund management firm Symphony Financial Partners
Paul Brough, chairman of the five-member strategic review committee, indicated he would reconsider his position if the breakup plan was voted down, Institutional Shareholder Services said in a report.
Toshiba's management has been under pressure from activist funds since it sold 600 billion yen ($4.9bn) of stock to dozens of foreign hedge funds during a crisis stemming from the bankruptcy of its US nuclear power unit in 2017.
Acrimony between the two sides hit several boiling points in the past two years. Last June a shareholder-commissioned probe found Toshiba colluded with Japan's trade ministry, which sees the conglomerate as a strategic asset due to its nuclear reactor and defence technology, to block overseas investors from gaining influence at its 2020 shareholder meeting.
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.1%22%20Super%20Retina%20XDR%20OLED%2C%202778%20x%201284%2C%20458ppi%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%201200%20nits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A15%20Bionic%2C%206-core%20CPU%2C%205-core%20GPU%2C%2016-core%20Neural%20Engine%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%206GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20main%20(f%2F1.5)%20%2B%2012MP%20ultra-wide%20(f%2F2.4)%3B%202x%20optical%2C%205x%20digital%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%3B%20HD%20slo-mo%20%40%20120%2F240fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%3B%20Animoji%2C%20Memoji%3B%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20slo-mo%20%40%20120fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204323%20mAh%2C%20up%20to%2026h%20video%2C%2020h%20streaming%20video%2C%20100h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030m%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Lightning%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20SIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Blue%2C%20midnight%2C%20purple%2C%20starlight%2C%20Product%20Red%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPhone%2014%2C%20USB-C-to-Lightning%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C799%20%2F%20Dh4%2C199%20%2F%20Dh5%2C049%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Dooda%20Solutions%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Lebanon%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENada%20Ghanem%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20AgriTech%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%24300%2C000%20in%20equity-free%20funding%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2011%3C%2Fp%3E%0A
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
More from Aya Iskandarani
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
%3Cp%3E%3Cstrong%3EUndergraduate%20courses%3C%2Fstrong%3E%3Cbr%3EInterior%20Design%3B%20Product%20Design%3B%20Visual%20Design%3B%20Fashion%20Design%20%26amp%3B%20Accessories%3B%20Fashion%20Styling%20%26amp%3B%20Creative%20Direction%3B%20Fashion%20Business%3B%20Foundation%20in%20Fashion%3B%20Foundation%20in%20Design%3Cbr%3E%3Cstrong%3EProfessional%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20e-Commerce%20%26amp%3B%20Digital%20Marketing%3B%20Fashion%20Entrepreneurship%3B%20Fashion%20Luxury%20Retail%20and%20Visual%20Merchandising%3Cbr%3E%3Cstrong%3EShort%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20design%3B%20Fashion%20Image%20%26amp%3B%20Styling%3B%20Fashion%20Trend%20Forecasting%3B%20Interior%20Design%3B%20Digital%20Art%20in%20Fashion%3Cbr%3EMore%20information%20is%20at%20%3Ca%20href%3D%22https%3A%2F%2Fwww.istitutomarangoni.com%2Fen%3Futm_source%3DLocal%26utm_medium%3Dorganic%26utm_campaign%3Dgmb%26utm_content%3Ddubai%22%20target%3D%22_self%22%3Ewww.istitutomarangoni.com%3C%2Fa%3E%3C%2Fp%3E%0A
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
%3Cp%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3ESaturday%2C%20May%2028%2C%20United%20States%20v%20Scotland%3Cbr%3ESunday%2C%20May%2029%2C%20United%20States%20v%20Scotland%3Cbr%3ETuesday%2C%20May%2031%2C%20UAE%20v%20Scotland%3Cbr%3EWednesday%2C%20June%201%2C%20UAE%20v%20United%20States%3Cbr%3EFriday%2C%20June%203%2C%20UAE%20v%20Scotland%3Cbr%3ESaturday%2C%20June%204%2C%20UAE%20v%20United%20States%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20squad%3A%20%3C%2Fstrong%3EAhmed%20Raza%20(captain)%2C%20Chirag%20Suri%2C%20Muhammad%20Waseem%2C%20Vriitya%20Aravind%2C%20CP%20Rizwan%2C%20Basil%20Hameed%2C%20Rohan%20Mustafa%2C%20Kashif%20Daud%2C%20Karthik%20Meiyappan%2C%20Zahoor%20Khan%2C%20Junaid%20Siddique%2C%20Alishan%20Sharafu%2C%20Akif%20Raja%2C%20Rahul%20Bhatia%3Cbr%3E%3Cbr%3E%3Cstrong%3ETable%3C%2Fstrong%3E%3Cbr%3E1.%20Oman%2032%2019%2011%2040%20%2B0.156%3Cbr%3E2.%20Scotland%2016%2011%203%2024%20%2B0.574%3Cbr%3E3.%20UAE%2018%2010%206%2022%20%2B0.22%3Cbr%3E4.%20Namibia%2014%207%207%2014%20%2B0.096%3Cbr%3E5.%20United%20States%2016%207%209%2014%20-0.229%3Cbr%3E6.%20Nepal%2012%206%206%2012%20%2B0.113%3Cbr%3E7.%20Papua%20New%20Guinea%2020%201%2019%202%20-0.856%3C%2Fp%3E%0A
Packages which the US Secret Service said contained possible explosive devices were sent to:
- Former first lady Hillary Clinton
- Former US president Barack Obama
- Philanthropist and businessman George Soros
- Former CIA director John Brennan at CNN's New York bureau
- Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
- California Congresswoman Maxine Waters (two devices)
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Scoreline
Syria 1-1 Australia
Syria Al Somah 85'
Australia Kruse 40'
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
