Toshiba’s top shareholder to vote against break-up plan

Effissimo Capital Management said on Thursday it had decided to vote against Toshiba Corp’s break-up plan that comes up for a vote on March 24, since the plan might ultimately damage medium- to long-term corporate value.

It is the first time that Singapore-based Effissimo, Toshiba’s top shareholder with a stake of about 10%, has stated its stance on the Japanese conglomerate’s controversial restructuring plan.