Statement by Oasis Management Company Ltd. on “A Better Tokyo Dome”
HONG KONG--(BUSINESS WIRE)--Dec 17, 2019--
Oasis Management Company Ltd. (“Oasis”) is the manager to funds that own over 5% of Tokyo Dome Corporation (9681 JT) (“Tokyo Dome” 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 has engaged with Tokyo Dome since 2018. The Company owns the Tokyo Dome, home to the Yomiuri Giants and an iconic concert and event venue, as well as a theme park and hotel, occupying a ~140,000 square meter site in the heart of central Tokyo that hosts over nine million visitors a year.
However, despite its treasure trove of assets, a trip to Tokyo Dome City can feel like a trip to the past, with major attractions, stadium amenities and venue pricing left largely unchanged for years. We believe that Tokyo Dome can dramatically improve its corporate value by enhancing operations and improving corporate governance, to the benefit of all stakeholders.
Thus, today, Oasis announces its “A Better Tokyo Dome” campaign in order to urge transformational change at Tokyo Dome to enhance the Company’s business and governance for every stakeholder, including visitors, employees, and shareholders. We believe our plan, if implemented in full, would increase estimated FY 2021 net income from JPY 7.7 billion to JPY 14.8 billion.
Seth Fischer, Founder & Chief Investment Officer of Oasis, said:
“Tokyo Dome is an iconic asset that welcomes millions of people every year, and yet, the Tokyo Dome complex has not been updated in line with what we expect from world-class entertainment spaces. We have a plan to improve operations and enhance entertainment for all visitors while dramatically increasing earnings. This is a call to action for Tokyo Dome’s management.”
Oasis encourages the Company to enhance the fan experience and increase profitability through:
1) Improving operations at Tokyo Dome;
2) Improving operations at the Tokyo Dome Hotel or bringing in an external manager;
3) Exploring partnerships for the Tokyo Dome City Attractions theme park;
4) Disposing of non-core assets; and
5) Improving corporate governance.
Full details of Oasis’s proposals are available at www.ABetterTokyoDome.com.
We will continue our efforts to engage constructively with management to help further enhance corporate value and corporate governance in order to realize “A Better Tokyo Dome”.
We welcome all stakeholders to contact us at info@ABetterTokyoDome.com and join the movement to create A Better Tokyo Dome.
Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer.More information about Oasis is available athttps://oasiscm.com.Oasis has adopted the Japan FSA’s “Principles of Responsible Institutional Investors” (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191217005910/en/
KEYWORD: HONG KONG JAPAN ASIA PACIFIC
INDUSTRY KEYWORD: SPORTS LODGING COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY TRAVEL PROFESSIONAL SERVICES THEME PARKS EVENTS/CONCERTS ENTERTAINMENT BASEBALL FINANCE
SOURCE: Oasis Management Company Ltd.
Copyright Business Wire 2019.
PUB: 12/17/2019 09:00 PM/DISC: 12/17/2019 09:00 PM