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Toshiba in turmoil

Toshiba remains under close watch of activist funds

Many investors who helped stave off delisting hold on to stakes

Many investment funds that bought Toshiba shares a year ago when the company issued new shares to avoid a stock delisting are still holding on to those stocks.
Many investment funds that bought Toshiba shares a year ago, when the company issued new stock to avoid a delisting, are still holding on to those shares.

TOKYO -- One year after Toshiba offered 600 billion yen ($5.46 billion) worth of new shares to dozens of investment funds in a desperate effort to avoid a stock delisting, many of these investors are retaining their stakes in a bid to influence the conglomerate's strategic direction.

About half of the 2.28 billion new shares that Toshiba issued through a private placement in December 2017 have been unloaded, on and off the market, according to reports Toshiba is required to submit to the Tokyo Stock Exchange. All of these unloaded shares were sold above the offer price of 262.8 yen, meaning sellers pocketed a gain. The issuance total reflects the tally before the company's reverse stock split in 2018.

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