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  "documentTitle": "Unizo Holdings Company (3258.T)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Advisors",
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  "presentationDate": "2019-10-09 00:00:00",
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      "text": "We ask that you disclose the positions and other details of Unizo employees who will invest in the Employee Share Ownership Management Company.",
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      "text": "(1) Please disclose this plan in its entirety and its details (including a description of the methodology/mechanism by which your company’s assets/funds are to be",
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      "text": "(3) Within your basic policy as above and within the “agreement” as you disclosed in a document titled “Notice of Position Statement (Withholding of Opinion) Regarding Tender Offer by Sapporo GK for UNIZO Holdings Company, Limited Stock,” published as of 27 September 2019, we observe that the “Employee Share Ownership Management Company” is to hold veto rights over director appointments, business planning, dividend policy, and other matters of managerial importance, and that, with regard to the exit of shareholders, the Employee Share Ownership Management Company is to have de facto strong influence. We ask that you disclose the positions and other details of Unizo employees who will invest in the Employee Share Ownership Management Company. Further, if the mechanism mentioned above is material to the corporate value of your company, please disclose in concrete terms the manner in which you have realized and secured this value as managers of a publicly listed company.",
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      "text": "(2) With regard to the Company's expression of opinion on the HIS tender offer and a subsequent market check, did you use some kind of separate confirmation or negotiation to determine whether or not the acquisition proposals “contain a ‘mechanism’ that ensures the employment of the Company’s employees and ensures that the Company continues to be a company where the employees find their jobs rewarding”? If so, how and with whom was this carried out?",
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      "text": "2. The amendment to Tender Offer Statement submitted by Sapporo as of 2 October 2019, asserts that as of 5 September 2019, your company showed the Fortress Group a plan under which your company would sell the majority of its US property holdings and use the proceeds to enable “a company in which Unizo employees and other persons invest” (the “Employee etc., Company”) to “acquire the investment stake of the tender offer purchaser that holds all of the relevant shareholdings at that time and the investment stake of an anonymous association (silent partnership) pertaining to that tender offer purchaser.”",
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      "text": "(4) As of the same date as your notice of basic policy is dated, you changed your position on the Sapporo tender offer bid from an expression of support to a withholding of opinion. At the time you expressed your support, how did you determine consistency with your above-mentioned basic policy and “Agreement,” and arrive at the formal expression of opinion? When you did express your support, why did you not mention such consistency as a reason for doing so?",
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      "text": "would maintain or increase Unizo’s corporate value or without having even closely examined the content of those proposals?",
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