The proposed Share Exchange agreement undervalues your PanaHome shares by over 50%. It is time to Protect PanaHome's shareholders from this deal!
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Vote No before August 31, 2017

Minority Shareholders should have received their voting cards for the EGM scheduled for the August 31, 2017. The two proposals at the EGM are necessary for Panasonic to squeeze-out the minority shareholders. We recommend that minority shareholders vote NO at the EGM and join the appraisal rights case against PanaHome to achieve a fairer price for their shares.

To take part in the appraisal rights case, minority shareholders must do the following:

1.      Vote NO on the two proposals at the EGM

2.      Send your voting card with the NO vote to PanaHome before August 31, 2017

We invite all the remaining minority shareholders that have not tendered their shares to join us, at our expense, in our continued fight for a fair deal by claiming appraisal rights.

Please contact our lawyers Iwaida Partners at ph-info@iwaidalaw.com to get more information on joining our law suit against PanaHome.

In the meantime, it is imperative that you vote AGAINST the privatization at the EGM on August 31, 2017.

Why Join the Appraisal Rights Case?

Panasonic Corporation (6752 JP) owns 54% of PanaHome Corporation (1924 JP) and has been abusing the minority shareholders of PanaHome since PanaHome become a separately listed company. This abuse culminated on December 22, 2016, with a highly flawed share exchange offer by Panasonic for the remaining shares of PanaHome it did not own at a price well below the fair value of PanaHome’s shares.

The only way for minority shareholders to achieve a fairer price for their shares is to join our appraisal rights case.

What is the Fair Value of PanaHome’s shares

Oasis has received an updated valuation from truly independent valuation experts, BVCJ Co. Ltd., which valued PanaHome at ¥2,061 per share based on a DCF analysis. This valuation represents a fair price that is a 72% premium to the current takeover price of ¥1,200 Yen.

  • We believe that this is value is closer to the fair value than the tender price for the following reasons:
  • In the SMBC and Plutus estimations, all of PanaHome’s cash is invested but NO benefit from the investment is given to minority shareholders. Minority shareholder should receive the benefit of the cash or the growth but since the growth is too subjective, BVCJ gives minority shareholders the benefit of their portion of the cash
  • BVCJ also gave the minority shareholders the benefit of their portion of the non-operating assets which Panasonic will fully benefit from
  • BVCJ adopted the same perpetual growth rate of 0% as SMBC which we believe is too conservative and understate the valuation – We believe the growth rate should be over 2% which results in a far higher fair value price.
  • BVCJ also adopted the same free cash flow numbers as SMBC for FY18 and FY19
  • SMBC have applied a discount rate based on the flawed comparable companies that it used in its comparable analysis, as we noted this included a loss making company and a highly illiquid company. BVCJ has calculated a fairer discount rate based on third party sources
  • We are confident, if the offer for the company was shopped to other buyers, that the bids for the company would be in excess of Y1800.
                    Why You Should Care

                    Why You Should Care

Oasis History of Engagement with Panahome

Oasis History of Engagement with Panahome

                                    News

                                    News

             Corporate Governance in Japan

             Corporate Governance in Japan

             Join Us in Protecting Panahome

             Join Us in Protecting Panahome

        Where is Minority Access to The Special              Committee or Independent Directors?

        Where is Minority Access to The Special              Committee or Independent Directors?

                                                                     Why Y1,200 Is Not Enough

                                                                     Why Y1,200 Is Not Enough