At just ¥1,000 ($6.30) for 1.5 liters, the famed magnum of wine at Saizeriya, a Japan-based chain of Italian restaurants, is already a bargain.
But investors have been able to get the vino — along with its $2.50 pizzas, $3.15 bowls of pasta and $1.90 tiramisu — for free, thanks to the country’s program of shareholder perks. Those holding 100 shares in the firm get ¥2,000 worth of coupons each year to spend at the famously cheap restaurant with more than 1,000 outlets.
At the risk of mixing culinary metaphors, that gravy train screeched to a sudden halt last week, when Saizeriya unexpectedly announced it would become the latest company to end the perk. Retail investors, many of whom hold the stock just to receive the benefits, were up in arms; the shares briefly fell nearly 9%.
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