The Yamauchi-No. 10 Family Office issued the below press release, "Status Update on the Petition for Permission to Convene an Extraordinary General Meeting of Shareholders" regarding Toyo Construction Co., Ltd (“Toyo”) (Securities Code: 1890) today.

On March 3, 2023, we[1] submitted a proposal for shareholders to decide at an EGM whether an investigation should be conducted by an investigator independent of both Toyo and YFO regarding Toyo’s governance issues. Shortly thereafter, Toyo’s current board of directors announced they would refuse to perform in accordance with YFO’s right to demand that Toyo’s board call an extraordinary general meeting of shareholders. In response, we filed a petition with the Osaka District Court on March 13, 2023, requesting permission to call an extraordinary general meeting of shareholders (the "Petition") given the Toyo board’s dereliction of their obligation to honor and allow shareholders to evaluate our proposal.

For the first hearing date for the petition (March 30, 2023), Toyo submitted more than 140 pages of arguments, including multiple legal opinions commissioned from law professors. We disputed Toyo’s arguments during the second hearing (April 26, 2023). However, Toyo then submitted a further 96-page response, which also contained new legal opinions, on the third hearing date (May 29, 2023). We continue to hope for a quick resolution of the Petition. However, given Toyo’s submission of many new written arguments including multiple new legal opinions commissioned from law professors in the final stages of the proceeding, we are now forced to respond again.

The next (4th) hearing date has been set for June 30, 2023. However, in order to expedite the hearing, we have decided to endeavor to send our supplementary written rebuttal to the court in advance of the hearing, and if Toyo adduces any further additional arguments, they also are to try to send such arguments to the court in advance of the hearing as well.

We will continue to make our best efforts to improve Toyo’s governance issues by rebuilding Toyo’s board of directors and corporate auditors at the annual general meeting of shareholders, and through the appointment of an investigator at the extraordinary general meeting of shareholders.

For further information, please contact:
Public Relations Department 
PR Agent: Vox Global Japan Co., Ltd. 
Tel: +81-3-6204-4337 Tanabe/Kuhara
Email: yfo.inquiry@voxglobalasia.com 

Shareholder Contact: Innisfree M&A Incorporated 
Tel: +1-412-232-3651 (Shareholder Contact - English)
Tel: +44-7506-004-047, +1-212-750-5833  (Financial Institutions and Institutional Investor Contact - English)

[1] In this release, “we” or “YFO” refers to Yamauchi-No. 10 Family Office LLC and its group company, WK 1 Limited.