Tuesday, 24 May 2016
Last updated 16 hours ago
May 22 2008 | 2:00am ET
The Children’s Investment Fund is opening yet another front in its battle with Japan’s largest electric utility.
The London-based activist shop, which has apparently been stymied in its effort to double its stake in Electric Power Development Co. to 20%, now plans to push fellow shareholders to back its demands for bigger dividends and smaller cross-shareholdings. The hedge fund also plans to ask shareholders how they will vote at the June 26 annual meeting, to “expose serious conflict of interest of supplier and cross-shareholders.”
TCI’s proposed proxies for the meeting include seven items involving cross-shareholdings, dividends, share buy-backs and outside directors. The company, better known as J-Power, has rejected all of TCI’s demands thus far, and the Japanese government earlier this month stepped in to prevent the hedge fund from boosting its stake.