Hibiki Path Advisors (from January 2026, Hibiki Path Advisors SPC; collectively, “we”) sent a letter dated January 20 to the Board of Directors and the Audit and Supervisory Committee of Tomoe Corporation, one of our core portfolio holdings.
Before issuing this letter, we had already delivered a letter dated September 12, 2025 (the “Prior Letter”) to Tomoe Corporation’s Board of Directors and Audit and Supervisory Committee, in which we explicitly called for a complete overhaul of the Medium-Term Management Plan and the prompt establishment of a Special Committee, as set out below.
(Our History of Engagement with Tomoe)
17/Nov/2025 ー Tomoe Corporation 2Q FY3/26 Results
3/Oct/2025 – Letter to Tomoe CORPORATION
13/Jun/2025 – ISS Endorses Hibiki’s Shareholder Proposals to Tomoe Corporation
5/June/2025 ー Comments on the Revision of the Medium-Term Management Plan
29/May/2025 ー Shareholder proposal for Tomoe Corporation
This letter does not constitute, and shall not be construed as, any proposal, solicitation, marketing, advertisement, inducement, or representation with respect to any service or product, nor does it constitute advice regarding the purchase or sale of any investment product or any type of investment, the making of any investment, the entering into of any transaction, or the refraining from any action (whether or not any terms or conditions are stated herein), and does not express any opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for explanatory purposes and do not represent past or future strategies or performance, nor do they indicate the likelihood of success of any particular strategy. Furthermore, this letter does not constitute investment, financial, legal, tax, or any other professional advice. This letter has been prepared based on publicly available information (which we have not independently verified) and does not purport to be complete, timely, or comprehensive. We do not intend, either directly or indirectly, including through other shareholders, to propose at any shareholders’ meeting of Tomoe Corporation (Kabushiki Kaisha Tomoe Corporation, “Tomoe Corporation”) the transfer or disposal of the business or assets of Tomoe Corporation or any of its group companies. In addition, we do not have any intention to engage in any conduct that would make the continuous and stable operation of the business of Tomoe Corporation or its group companies difficult.