Oasis Management

Oasis Management Company (Oasis), is a hedge fund management firm headquartered in Hong Kong with additional offices in Tokyo and Austin, Texas. It is an activist investor, that has pushed for significant change at companies. In recent times, it has been focusing on Japanese companies.

In its 2022 activist investing annual review, Insightia ranked Oasis as the third most influential activist investor.

Background
Oasis was founded in 2002 by Seth Fischer who previously was an Asian investment portfolio manager at Highbridge Capital Management. It was originally formed as a venture between Oasis Management Holdings and DKR Capital Partners named DKR Oasis Management. It ran an Asia-focused multi-strategy fund named DKR SoundShore Oasis Fund.

In December 2008, due to the 2007–2008 financial crisis, DKR Oasis laid off staff in its Tokyo office.

In June 2011, the venture dissolved with outside money being returned. DKR Oasis Management was restructured into Oasis Management.

In September 2011, the Securities and Futures Commission (SFC) fined both Oasis and Fischer HK$7.5 million ($961,767) each for trades done in 2006 relating to Japan Airlines shares. They were also publicly reprimanded. SFC alleged that Oasis placed several orders on the Tokyo Stock Exchange for Japan Airlines shares within 15 minutes of the market closing on 19 July 2006 after Japan Airlines  announced a plan for a public sale of new shares. The trades appeared intended to drive down the closing price of Japan Airlines shares that day which would benefit Oasis funds during purchases of new shares in the offering. While Oasis and Fischer didn't admit trading strategy was designed to mislead the market, they agreed to accept SFC sanctions and took voluntary measures in 2007 to prevent similar events reoccurring.

In May 2023, Fischer was a speaker at the Sohn Hong Kong hedge fund summit. He stated that concerns about China being uninvestable was overblown and that there were opportunities to be made investing in Chinese vocational education companies.

Shareholder activism
In February 2014, Fischer sent a letter to Nintendo President Satoru Iwata which stated that the company should focus on the mobile game market. In July 2016, it was reported that Oasis stood to make tens of millions after the success of Pokémon Go.

In November 2015, Oasis called for Kyocera to pay back more than $4 billion to investors. The plan was for Kyocera to sell is $8.3 billion stake in KDDI and to give half the proceeds to shareholders.

In February 2017, Oasis opposed Panasonic's plan to acquire its subsidiary PanaHome stating the price was too low. In April 2017, Panasonic raised its offer to satisfy Oasis and other shareholders.

In November 2017, Oasis proposed a management buyout as well as a request to examine the books and records of Pasona.

In 2018, Oasis was opposed to Alps Electric acquiring Alpine Electronics stating it was ripping off Alpine's minority stock owners. However Elliott Management which held more shares supported the deal. In January 2019, the deal went through and Alps Alpine was formed. In March 2019, Alps Alpine stated that Oasis sued it for 38.4 billion yen ($345 million) in damages and had asked the Tokyo District Court to nullify the merger. In March 2022, the court sided in favour of Alps Alpine.

In October 2020, Oasis submitted a request to Tokyo Dome Corp to hold a extraordinary general meeting to replace its top management. In November 2020, Mitsui Fudosan announced a 120.5 billion yen ($1.2 billion) bid for Tokyo Dome Corp. After the offer, Oasis decided to tender its shares allowing the bid to be completed in January 2021.

In April 2021, Oasis opposed CVC Capital Partners’ buyout proposal for Toshiba stating it was too low. In March 2022, Oasis voted at an extraordinary general meeting that Toshiba solicit buyout offers from private equity firms. It also voted against Toshiba plan to break itself up. In March 2023 Toshiba agreed to be acquired for US$15 billion by a consortium of 20 companies, which was led by Japan Industrial Partners and included Orix, Chubu Electric Power, and Rohm.

In May 2022, Oasis published details which alleged the Fujitec's founding family Uchiyama was abusing its control over the company. It later then called for an extraordinary general meeting to replace all of the company's outside directors. In February 2023, Fujitec shareholders voted to replace three of the company's outside directors with four people nominated by Oasis. In March 2023, the board ousted Fujitec Chairman Takakazu Uchiyama.

In February 2023, Oasis made demands to The Restaurant Group that it changes its management team. In the subsequent months it increased its shareholding as the share price dropped by acquiring shares from Odey Asset Management and Columbia Threadneedle Investments. In October 2023, when Apollo Global Management made a bid to buy The Restaurant Group for £560 million, Oasis stood to make £40mn in profits.