MTM Capital Announces Sending Public Letter of Inquiry to Chiiki Shinbunsha Co., Ltd. (Securities Code: 2164) and Launch of Special Website
MTM Capital has sent a public letter of inquiry to the Board of Directors, Audit & Supervisory Board, and management of Chiiki Shinbunsha Co., Ltd. (Securities Code: 2164), regarding management's self-preservation and impairment of corporate value. Concurrently, a special website (https://savechiiki.com/) has been launched to raise issues and facilitate discussion, where the full text of the inquiry and supplementary explanation materials are published.
📋 Article Processing Timeline
- 📰 Published: April 23, 2026 at 01:30
- 🔍 Collected: April 23, 2026 at 00:02
- 🤖 AI Analyzed: April 23, 2026 at 04:16 (4h 13m after Collected)
MTM Capital Co., Ltd. (hereinafter referred to as "our company") today sent a "Public Letter of Inquiry Regarding Management's Self-Preservation and Impairment of Corporate Value by Chiiki Shinbunsha" to the Board of Directors, Audit & Supervisory Board, and management of Chiiki Shinbunsha Co., Ltd. (Securities Code: 2164, hereinafter referred to as "the company"). We also announce the launch of a special website (https://savechiiki.com/) as a platform for raising issues and discussion regarding this matter, where the full text of the inquiry and supplementary explanation materials are publicly available.
As a shareholder of the company, our company has acquired shares with a strong interest in improving the company's medium- to long-term corporate value and seeking constructive dialogue. We believe that the value the company once cultivated as a local media outlet and its business foundation based on free distribution papers have inherent future potential, and that the company's corporate value can be sufficiently recovered and enhanced under an appropriate governance system and disciplined capital policy.
However, under the current management, the company has recorded deficits in 5 out of the past 10 fiscal years, stopped dividends since the fiscal year ending August 2019, and significantly diluted existing shareholders' holdings through repeated equity financing, while investing funds raised into real estate investments and M&A deals with little relevance to its core business or track record. In addition, based on the "Measures against Large-Scale Acquisition Acts" introduced in 2022, the company announced the initiation of a concerted party identification procedure targeting our company in November 2025. Despite repeatedly refusing meetings with us, the company arbitrarily designated us as a "concerted party" based on the judgment of an independent committee whose independence is highly questionable. We perceive these actions as aiming to preserve the current management's position rather than serving the interests of general shareholders.
Furthermore, the company has failed to meet the Growth Market listing maintenance standards (market capitalization) and has announced a market segment change to the Standard Market, making the impairment of shareholder value due to liquidity depletion a realistic concern. Despite this situation, Representative Director Hosoya, in a September 2025 interview with Diamond Zai, actively positioned the recent stock price increase as a result of his preferential policies and capital policies. In contrast, in a press release dated February 4, 2026, he described a similar stock price increase as an "abnormal surge," demonstrating a self-contradictory attitude towards market valuation. We interpret this as an attempt to evade management responsibility and self-preservation.
Moreover, on April 14, 2026, the company resolved to issue a third-party allotment of new shares, with OPUS67 LLC, an asset management company of Representative Director Hosoya, as one of the allottees, and the 11th series of share options (so-called MS warrants, with a maximum dilution rate of approximately 24.0%) allowing for a discount of up to 30%. While existing shareholders' holdings have been repeatedly diluted through successive equity financings, and retained earnings remain negative without achieving an accumulation of equity, our company believes that this issuance, involving a new share allotment to the Representative Director's own asset management company, raises suspicions of being an unfair issuance primarily aimed at strengthening management control under the guise of fundraising, and a conflict of interest transaction violating the directors' duty of care and loyalty.
Based on the above concerns, our company, in this public letter of inquiry, has raised a total of 10 specific questions to the company's Board of Directors, Audit & Supervisory Board, and management. The main points include: deteriorating business performance and significant legal provisions, suspicion of illegal profit provision under the Companies Act, inappropriate handling of takeover defense measures, impairment of shareholder value due to repeated equity financings, "utilization" of stock delivery, self-contradiction in stock price perception and evasion of management responsibility, appropriateness of capital allocation (investment performance, real estate investment, UniGrowth acquisition), and the third-party allotment and issuance of the 11th series of share options (with exercise price adjustment clause) announced on April 14, 2026. The full text of the inquiry, supporting documents, and supplementary explanation materials are available on the special website (https://savechiiki.com/), please refer to them.
Our company demands that the company's Board of Directors, Audit & Supervisory Board, and management provide sincere and specific answers to each item in this public letter of inquiry, and we will continue to seek dialogue for the sound governance system and establishment of a disciplined capital policy that benefits all shareholders.
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As a shareholder of the company, our company has acquired shares with a strong interest in improving the company's medium- to long-term corporate value and seeking constructive dialogue. We believe that the value the company once cultivated as a local media outlet and its business foundation based on free distribution papers have inherent future potential, and that the company's corporate value can be sufficiently recovered and enhanced under an appropriate governance system and disciplined capital policy.
However, under the current management, the company has recorded deficits in 5 out of the past 10 fiscal years, stopped dividends since the fiscal year ending August 2019, and significantly diluted existing shareholders' holdings through repeated equity financing, while investing funds raised into real estate investments and M&A deals with little relevance to its core business or track record. In addition, based on the "Measures against Large-Scale Acquisition Acts" introduced in 2022, the company announced the initiation of a concerted party identification procedure targeting our company in November 2025. Despite repeatedly refusing meetings with us, the company arbitrarily designated us as a "concerted party" based on the judgment of an independent committee whose independence is highly questionable. We perceive these actions as aiming to preserve the current management's position rather than serving the interests of general shareholders.
Furthermore, the company has failed to meet the Growth Market listing maintenance standards (market capitalization) and has announced a market segment change to the Standard Market, making the impairment of shareholder value due to liquidity depletion a realistic concern. Despite this situation, Representative Director Hosoya, in a September 2025 interview with Diamond Zai, actively positioned the recent stock price increase as a result of his preferential policies and capital policies. In contrast, in a press release dated February 4, 2026, he described a similar stock price increase as an "abnormal surge," demonstrating a self-contradictory attitude towards market valuation. We interpret this as an attempt to evade management responsibility and self-preservation.
Moreover, on April 14, 2026, the company resolved to issue a third-party allotment of new shares, with OPUS67 LLC, an asset management company of Representative Director Hosoya, as one of the allottees, and the 11th series of share options (so-called MS warrants, with a maximum dilution rate of approximately 24.0%) allowing for a discount of up to 30%. While existing shareholders' holdings have been repeatedly diluted through successive equity financings, and retained earnings remain negative without achieving an accumulation of equity, our company believes that this issuance, involving a new share allotment to the Representative Director's own asset management company, raises suspicions of being an unfair issuance primarily aimed at strengthening management control under the guise of fundraising, and a conflict of interest transaction violating the directors' duty of care and loyalty.
Based on the above concerns, our company, in this public letter of inquiry, has raised a total of 10 specific questions to the company's Board of Directors, Audit & Supervisory Board, and management. The main points include: deteriorating business performance and significant legal provisions, suspicion of illegal profit provision under the Companies Act, inappropriate handling of takeover defense measures, impairment of shareholder value due to repeated equity financings, "utilization" of stock delivery, self-contradiction in stock price perception and evasion of management responsibility, appropriateness of capital allocation (investment performance, real estate investment, UniGrowth acquisition), and the third-party allotment and issuance of the 11th series of share options (with exercise price adjustment clause) announced on April 14, 2026. The full text of the inquiry, supporting documents, and supplementary explanation materials are available on the special website (https://savechiiki.com/), please refer to them.
Our company demands that the company's Board of Directors, Audit & Supervisory Board, and management provide sincere and specific answers to each item in this public letter of inquiry, and we will continue to seek dialogue for the sound governance system and establishment of a disciplined capital policy that benefits all shareholders.
End
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