Setback for investor's bid to improve J-Power dividends

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The City hedge fund, J-Power's largest shareholder, has been waging an increasingly acrimonious battle to reform management systems at the power wholesaler, make it boost dividends and take other steps to increase shareholder value.

But US adviser Glass, Lewis & Co has urged J-Power shareholders to vote against the TCI proposal to raise dividend payments.

Meanwhile, J-Power shares today tumbled by as much as 6.2% on the Tokyo Stock Exchange.

Glass, Lewis said that the dividend is already high. It set the year's dividend at 70 yen (33p) a share. TCI is demanding it be raised to 80 yen.

TCI has also proposed a rule that would force J-Power to cap its total maximum share investments, including those held for crossshareholding purposes, at five billion yen, as well as appoint outside directors and set up a facility for stock buybacks.

J-Power said last week that it had defied TCI and increased its stakes in other Japanese firms.