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Japan Tobacco Shareholders Reject U.K. Hedge Fund’s Proposals

WSJ – Shareholders of Japan Tobacco Inc. Friday voted down a set of proposals by a U.K.-based activist hedge fund, including a sharp dividend hike.

The company, known as JT, has already expressed opposition to the proposals put forward by The Children’s Investment Fund, a minority shareholder. These proposals were for a hike in the dividend payout for this fiscal year through March to Y150 per share, instead of a payment of Y68 per share the company is planning to distribute, a buyback of Y350 billion worth of common shares by June 2014, and the cancellation of JT’s holdings of its own shares.

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