M&A Capital Partners proposes dividend amidst shareholder payout dispute

M&A Capital Partners' board resolved on November 19, 2025, to propose a year-end dividend of JPY 52.10 per share for the fiscal year ending September 30, 2025, totaling JPY 1,654 million. This proposal, maintaining the previously forecasted dividend, is slated for approval at the 20th Annual General Meeting of Shareholders on December 25, 2025. The company's policy targets a payout ratio of approximately 30% and aims for continuous increases in dividends per share through profit growth.

Separately, the company received a shareholder proposal from Panah Master Fund, advocating for an additional special dividend of JPY 940 per share, which would result in a payout ratio of approximately 571%. The shareholder proposal also calls for amendments to the articles of incorporation to include a rule on shareholder returns, targeting a total payout ratio of 50% or more, and establishing a special committee for shareholder returns.

M&A Capital Partners' board opposes the shareholder proposal, citing that flexible decision-making is crucial for capital management and that the current board is best suited to discuss and determine shareholder return policies and maximize shareholder value. The board's current dividend policy, including an increase in payout ratio decided in January 2025, reflects shareholder feedback and the company's commitment to growth investments.