JAPAN: Renown shares bounce back amid board reshuffle
The fight for one of Japan's top retailers heated up again today when Renown Inc shares saw a surprising rally ending up 13.13% on the day before.
Some investors have said they believe Renown will thwart attempts by its main stock holder Neoline Capital, which owns 25% of the company, to force changes. It led to stock market optimism that the ailing firm may yet be turned around by current mangagement.
Renown's stock had lost about 80% of its value in 2008, but investors now believe the vying interests may produce a viable revitalisation of the company pushing the price of shares back up.
Yesterday (16 April), Renown announced the resignation of its president Minoru Nakamura and all five board members following aggressive moves by Neoline to reshuffle its board.
By Michael Fitzpatrick.
Retail group Renown Inc posted a smaller net loss of JPY3.72bn (US$41.2m) in its fiscal first half, despite a double-digit revenue decline....
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