Asset Value Investors (AVI) Submits Shareholder Proposals to SK Kaken for the Fourth Year in a Row
2024年6月5日 - 9:55PM
ビジネスワイヤ（英語）
Asset Value Investors ("AVI") announces today that it has
submitted shareholder proposals to SK Kaken Co., Ltd. (TSE 4628)
("SK Kaken" or the "Company") addressing two issues contributing to
the Company's poor share price performance and low valuation.
Due to a lack of progress and the Fujii family’s refusal to
engage in strategic discussion, AVI has put forward two proposals
to SK Kaken’s AGM:
(1) The cancellation of 90% of the 2,192,425
shares held in treasury. (2) Increase the dividend from Y135 per
share to Y290, representing a 50% payout ratio.
Two directors of an AVI managed fund plan to attend the AGM to
directly challenge the Fujii family’s fiduciary failure and neglect
of minority shareholders.
A presentation outlining AVI's rationale for changes and full
details of the shareholder proposals is available on AVI's
dedicated website www.paintingabetterSKKaken.com.
Joe Bauernfreund, CEO of AVI, comments: "SK Kaken's
issues reflect a lack of urgency and weak management discipline,
symptoms often encountered at companies with controlling
shareholders. Over 40% of SK Kaken's shares are owned by members of
the founding Fujii family.”
"We submitted shareholder proposals for the last three years,
and despite receiving strong support, SK Kaken has failed to reduce
its excess treasury shares nor address its overcapitalised balance
sheet.”
AVI is calling on its fellow shareholders to continue to express
their disapproval of poor management policies and continued weak
performance under the control of the Fujii family.
About Asset Value Investors (AVI)
AVI is an investment management company established in London,
United Kingdom, in 1985, and AVI has invested in Japanese equities
for more than 30 years. AVI manages AVI Global Trust (Total Gross
Assets: approximately JPY250bn (£1.3bn)), AVI Japan Opportunities
Trust (Total Gross Assets: approximately JPY40bn (£0.21bn)), etc.,
as of 31 March 2024. AGT and AJOT are public companies whose shares
are listed and traded on the main market of the London Stock
Exchange.
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version on businesswire.com: https://www.businesswire.com/news/home/20240605336428/en/
Daniel Lee – daniel.lee@assetvalueinvestors.com Asset Value
Investors Limited
Avi Japan Opportunity (LSE:AJOT)
過去 株価チャート
から 5 2024 まで 6 2024
Avi Japan Opportunity (LSE:AJOT)
過去 株価チャート
から 6 2023 まで 6 2024
