Oasis History of Engagement with Alpine

May 20, 2015 – Oasis met with Alpine management to discuss numerous issues regarding Alpine’s business, including its 15.6% stake in Neusoft.

June 5, 2015 – Letter sent by Oasis to Alpine, urging them to sell their 15.6% stake in Neusoft, which at that time was worth ¥130 billion.   

July 29, 2015 – Alpine passed a resolution to sell a third of its stake, 5.01% ownership, in Neusoft, and to use the proceeds of the sale to invest in a private venture with Neusoft.

(Link http://www.alpine.com/e/investor/library/pdf/kessai/ja/2015_en.pdf )

June 12, 2017 – Letter by Oasis to Alps and Alpine, describing the undervaluation of Alpine, which we valued in excess of ¥3,300 per share, our corporate governance concerns in relation to the increasing influence of Alps, and our expression of interest in acquiring a 50.1% stake for ¥1,800 per share

July 27, 2017 – Alps and Alpine announce the Share Exchange Agreement which valued Alpine’s shares at ¥2,108 on the day after the announcement, well below the valuation set out in our June 12, 2017 letter.

October 18, 2017 – Letter by Oasis to Alps and Alpine demonstrating a number of the flaws in their valuation and the process which led to Alps buying Alpine at a steep discount to fair value.

April 20, 2018 – Oasis submits Shareholder Proposals