LONDON–(BUSINESS WIRE)–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%, welcomes Glass Lewis endorsement of its proposal for Keisei’s Annual General Meeting (“AGM”) on June 27, 2024.
Palliser’s proposal—in keeping with Tokyo Stock Exchange (“TSE”) initiatives—requires Keisei to establish a capital allocation plan and partially reduce its shareholding in Oriental Land Co., Ltd. (“OLC”) to less than 15% in just under two years—to 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.
Glass Lewis observes that the proposal is both “comprehensive and persuasive”, provides Keisei with appropriate flexibility and is consistent with the long-term strategy of the Company. In full agreement with Palliser, the Glass Lewis report cites the following1:
James Smith, Palliser’s Founder and CIO, said: “We feel strongly that, if adopted, Palliser’s proposal will help Keisei position itself as a leader in the Japanese market and drive positive TSE-aligned changes. We appreciate the support of Glass Lewis and look forward to the AGM, which will serve as an important forum for shareholders to express their views to management.”
Further information
All information relating to Palliser’s long-running engagement with Keisei and its AGM proposal, including Palliser’s recently published presentation, can be found at: https://www.keisei100.com/.
For further inquiries 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/.
_________________________
1 Permission to use quotes was neither sought nor obtained.
Contacts
Media
Prosek Partners
Brian Schaffer / Kiki O’Keeffe
Pro-PalliserKER@Prosek.com
HOHHOT, CHINA - Media OutReach Newswire - 23 December 2024 - China's National Forestry and…
HONG KONG SAR - EQS Newswire - 23 December 2024 - Novautek Autonomous Driving Limited…
JAKARTA, INDONESIA - Media OutReach Newswire - 23 December 2024 - V-GREEN and PT Xanh…
Increase in opportunities predicted for high-speed optical transceivers and miniaturized connectivity solutions to address data-intensive…
HONG KONG SAR - Media OutReach Newswire - 23 December 2024 - DYXnet, a wholly-owned…
CAIRO, EGYPT - Media OutReach Newswire - 23 December 2024 - Eand, Novo Nordisk, BSH,…