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yesterday, singapore's yu&t capital partners submitted a public inquiry letter to espoir co., ltd., which is listed on japan's nagoya stock exchange.

the current three-way battle at espoir co., ltd., which began in june when the man who helped the current management team gain management two years ago challenged voting rights, has since involved a bid from a third-party virgin islands fund. in this case, the fact that yu&t capital partners, a private bond fund highly regarded for its management of japanese equities, submitted a public letter of inquiry is of great interest.

there are three main points. first, espoir is facing a proxy fight from majority shareholder jpiw llc, but based on the record date, who do you think will win or lose? secondly, on september 6, asian digital banking group waterside charm ltd. proposed an acquisition bid of us$45 (6,480 yen) per share, but as of the end of september 20 days later, the issuer had not issued a statement of intent. so when do you plan to making a statement of intent as an issuer? third, jpiw llc’s consultant kitahama yamada toru office, which is launching a proxy fight, announced strong opposition, but has the company started negotiations with jpiw llc and kitahama yamada toru office? also, if the price goes up, is it possible that jpiw llc and kitahama yamada toru office will support it? these are three controversial points. when we spoke to waterside charm ltd's regular lawyer in japan, he responded "yes, it's true" to whether the tender offer (tob) for espoir at $45 per share (¥6,480 yen) was genuine.

the company acknowledged it had made an acquisition proposal, but the proposal has not been made public. in response to a question about whether a deal was likely to go smoothly, the lawyer responded: "discussions have already begun."

additionally, espoir co., ltd. is facing a proxy fight with jpiw llc over voting rights. in response to a question about who they thought would win, the lawyers responded: "as a third-party acquirer, we are not particularly focused on it and we will proceed based on our investment plan."

as for the last question, whether they are negotiating with jpiw llc and kitahama yamada toru office, the lawyer responded: "no comment."

we also requested an interview with the issuer, espoir co., ltd., and they responded: "we acknowledge that there has been an acquisition proposal, but regarding opinions, we will disclose them every time an event that requires disclosure occurs. we have no other comment." "

the emergence of fourth-party investment funds showing new interest in a battle over voting rights in a japanese real estate company, despite takeover bids from overseas, is leading to some very interesting developments, including the background to the matter.

disclaimer: the market is risky, please choose carefully! this article is for reference only and is not a basis for buying or selling.