Bunka Shutter forms independent committee to counter Dalton stake

Bunka Shutter's board of directors has approved a new policy to address large-scale share purchases, prompted by Dalton's increasing stake, which reached 19.69% (19.93% voting rights) by June 10, 2025. Dalton also requested the ability to further increase its holdings during an August 27, 2025 meeting. The policy aims to ensure fair and objective operations, particularly concerning potential conflicts of interest between large-scale acquirers and general shareholders.

The company has established an Independent Committee, comprising five independent outside directors. This committee will prevent arbitrary decisions by the board regarding the new policy. The board commits to respecting the Independent Committee's recommendations on all matters related to the defense policy.

The new policy includes procedures for large-scale acquirers to submit a detailed "Statement of Purpose" and provide necessary information to shareholders, ensuring they have adequate time to evaluate any proposed acquisition. Should an acquirer disregard these procedures or if the board deems it necessary, the company may issue gratis stock acquisition rights with differential exercise conditions to non-eligible parties, diluting their stake.