Palliser Capital Explains AGM Proposal to Unlock Keisei’s Intrinsic Value and Catalyze Growth On New Website
04 Junio 2024 - 1:15AM
Business Wire
- New presentation outlines how Palliser’s straightforward
shareholder proposal can unlock c.US$3bn of latent value at
Keisei
- Recent actions by the Company have failed to catalyze change
and address shareholder concerns
Palliser Capital (“Palliser”), the sixth largest shareholder of
Keisei Electric Railway Co., Ltd. (9009 JT) (“Keisei” or the
“Company”) with a stake of 1.98%, today released a new presentation
outlining further details about its binding proposal for
fundamental TSE-aligned change at Keisei ahead of the Company’s
upcoming annual general meeting (“AGM”) on June 27, 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240603986107/en/
The newly published presentation explains Palliser’s AGM
proposal to require the Company to establish a capital allocation
plan and partially reduce its shareholding in Oriental Land Company
(“OLC”) to less than 15% in just under two years - illustrating how
the result can unlock c.US$3bn in value (representing a 46% upside
to Keisei’s current market price), enhance the Company’s position
as a leader in the Japanese market and promote sustainability,
stability and future success for Keisei over the medium- to
long-term.
Palliser’s AGM proposal is underpinned by and fully aligned with
recent TSE initiatives and reforms—of which Palliser is a firm
supporter.
The presentation further explains that Keisei’s recent actions
have failed to address shareholder concerns and that other
constructive suggestions Palliser made to the Board—such as a
non-binding advisory vote—to give shareholders a voice and
encourage concrete action were dismissed. Palliser also outlines
why the Board’s opposition to the AGM proposal is unsubstantiated,
self-serving and wrong.
Full details of the presentation are outlined in the
accompanying attachment.
The presentation can also be found on a newly launched website
dedicated to sharing information concerning Palliser’s ongoing
engagement with the Company, which further includes Palliser’s
initial presentation unveiled at last year’s 13D Monitor’s
Active-Passive Investor Summit, correspondence with Keisei
management, and a copy of Palliser’s shareholder proposal. The
website can be accessed at: https://www.keisei100.com/
For inquiries regarding Keisei’s AGM and Palliser’s binding
proposal, contact Keisei100@pallisercap.com.
About Palliser Capital
Palliser Capital is a global multi-strategy fund. Our
value-oriented investment philosophy is applied to a broad range of
opportunities throughout the capital structure with a focus on
situations where positive change and value enhancement can be
achieved through thoughtful, constructive and long-term engagement
with companies and across a range of different stakeholder groups.
Palliser is the sixth largest Keisei shareholder with a stake of
1.98%. All available materials concerning Palliser’s ongoing
engagement with Keisei can be found at:
https://www.keisei100.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20240603986107/en/
Media Contact Prosek Partners Brian Schaffer / Kiki O’Keeffe
Pro-PalliserKER@Prosek.com