Zennor has been a shareholder in GENDA since our IPO, having invested from the first day of listing based on alignment with the Company’s long-term equity story, including our roll-up M&A strategy centered on business succession.

Accordingly, Zennor is not a new shareholder, but rather an investor who has held a position since our IPO; its recent additional purchase of our shares resulted in the filing of a large shareholding disclosure.

Since the IPO, GENDA has maintained ongoing dialogue with Zennor – both in person and online – as part of our regular engagement with long-term institutional investors, discussing the progress and execution of our strategy.

Zennor has consistently expressed support for GENDA’s roll-up M&A strategy, with its focus on business succession, and continues to engage with the Company as a long-term investor.

According to Zennor’s large shareholding disclosures, Zennor increased its ownership materially beginning immediately after the announcement of our third quarter results, including an increase of approximately 0.93% on the first trading day following the earnings release (December 15). 

GENDA views this timing as indicative of a positive response to the Company’s refined M&A policy, which was updated to ensure greater alignment with capital market expectations, alongside an assessment that the Company’s valuation level had become attractive.

As a result, from GENDA’s perspective, Zennor’s investment approach is understood to be that of a long-term, conviction-based shareholder, rather than that of an activist investor.