Suspension of the Investment Period for Fund 4 Due to a Change in Shareholder Composition
First written in FY2023. 1 of 2 entries say "Softened", first in FY2024. Latest entry: FY2024.
No other company in this theme has enough history to compare yet.
- FY2024SoftenedAnnual report
「The Fund V partnership agreement does not contain the Fund IV provision suspending the investment period following a change in shareholder composition. Instead, it only provides that the Company's officers and employees will continue to beneficially hold a majority of the Company's shares unless certain approval is obtained from LP investors.」
The investment-period suspension clause remained in Fund IV, while Fund V has no such clause and instead requires continued beneficial majority ownership by officers and employees. - FY2023First statedAnnual report
「The Fund IV partnership agreement provides that the investment period is suspended if the beneficial owner of shares carrying more than half of the Company's voting rights becomes someone other than the Company's officers and employees or the shareholders as of the date of the agreement.」
Likelihood is low and impact is high. If the event is not cured and the investment period does not resume within one year, it may end definitively.