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9/May/2023 – Letter to TBS HOLDINGS, INC

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Hibiki Path Advisors(”Hibiki” and “We”), through our customer accounts, are a shareholder of TBS HOLDINGS, INC(”TBS”) and we have sent a letter “Proposal to Enhance TBS’s Corporate Value” to the board of TBS on 9th May 2023.

In this letter, we have conveyed our proposals as a minority shareholder of TBS on two things. One is about its business strategy related to IP and two on Balance Sheet and Capital Policy. We are hoping that not only the management but also all shareholders to think and digest our proposals and utilize them in their respective constructive engagement with TBS.

This proposal letter does not constitute an offer, recommendation or solicitation to buy or sell any security or enter into any other transaction. Hibiki does not purport to provide any investment, financial, legal or other expert advice or recommendation in this document.


【Engagement explanation video】
Engagement explanation video about TBS HOLDINGS, INC