Will it explode when the general shareholders' meeting season arrives and activist shareholder proposals are passed? Pick up 3 brands
Ahead of the general shareholders' meeting season, the level of attention is increasing year by year”Activist (talking shareholder)”. Shareholder proposals have been made to various companies this year as well,Most of the proposals are favorable to individual shareholdersIt has become.Stock prices can be expected to rise if activist proposals are passedOf course,Even if it is rejected, it can also be an opportunity to encourage companies to take measures that are aware of shareholders。
Excluding stable shareholders, who are often close to the corporate side, holds the key to whether shareholder proposals by activists are passedTrends in “floating stocks”that's it. A “shareholder first” proposal from an activistIf many floating stock holders support it, the shareholder proposal will passThat's going to happen.
Therefore, we received shareholder proposals from activists at the general shareholders' meeting in June, and from among the main stocks that the corporate side opposed the proposal,3 stocks with a high ratio of activist holdings and floating sharesI will pick it up.
Excluding stable shareholders, who are often close to the corporate side, holds the key to whether shareholder proposals by activists are passedTrends in “floating stocks”that's it. A “shareholder first” proposal from an activistIf many floating stock holders support it, the shareholder proposal will passThat's going to happen.
Therefore, we received shareholder proposals from activists at the general shareholders' meeting in June, and from among the main stocks that the corporate side opposed the proposal,3 stocks with a high ratio of activist holdings and floating sharesI will pick it up.
◆ $Toyo Suisan Kaisha(2875.JP$：Another activist agreed to the shareholder proposal,The trend of floating stocks close to 90%Is in focus
Japan Global Growth Partners Management (NGGP) in the United States was at Toyo Suisan's general shareholders' meetingSeparation of concentration on the instant noodle business, which has established an overwhelming position in the US and Mexico, from the refrigerated business, etc., and increased distributionWe are making multiple shareholder proposals relating to the like.
In response to this proposal, at the end of AprilAnother activist, Dalton Investments (US), expressed approvalI did it. Dalton announced that the shareholder proposals are “consistent with our awareness of the issue,” and “we plan to vote in favor of all shareholder proposals.” Dalton says, “There was no communication regarding this matter, and this statement of intent was made purely based on NGGP's press release.”
The ownership ratio of Toyo Fisheries shares by NGGP is estimated to be about 3.8%, and it seems that the ratio will not be large even if Dalton's shares are added. However, since Toyo Suisan shares have a floating stock ratio of close to 90%, there is a possibility that shareholder proposals will be passed depending on trends in floating stock shareholders.
Japan Global Growth Partners Management (NGGP) in the United States was at Toyo Suisan's general shareholders' meetingSeparation of concentration on the instant noodle business, which has established an overwhelming position in the US and Mexico, from the refrigerated business, etc., and increased distributionWe are making multiple shareholder proposals relating to the like.
In response to this proposal, at the end of AprilAnother activist, Dalton Investments (US), expressed approvalI did it. Dalton announced that the shareholder proposals are “consistent with our awareness of the issue,” and “we plan to vote in favor of all shareholder proposals.” Dalton says, “There was no communication regarding this matter, and this statement of intent was made purely based on NGGP's press release.”
The ownership ratio of Toyo Fisheries shares by NGGP is estimated to be about 3.8%, and it seems that the ratio will not be large even if Dalton's shares are added. However, since Toyo Suisan shares have a floating stock ratio of close to 90%, there is a possibility that shareholder proposals will be passed depending on trends in floating stock shareholders.
◆ $Keisei Electric Railway(9009.JP$：Are floating shareholders expecting further return of profits from the sale of Oriental Land shares?
Palliser Capital in the UK was held at Keisei Electric Railway's general shareholders' meetingShareholder proposal to sell Oriental Land (OLC) shares, a company subject to the equity method, until the holding ratio falls below 15%It is being carried out. Recovery from the COVID-19 pandemic is remarkableThe market value holding amount of OLC shares (21.15%) that operates Tokyo Disney Resort has risen to about 1.56 trillion yen, which greatly exceeds the total market value (about 930 billion yen) of Keisei Electric Railway。
It is unclear whether pressure from the Pariser had an effect, but Keisei Electric Railway sold 1% of its shares in March for 80.1 billion yen. In addition to recording an extraordinary profit of 71 billion yen in the fiscal year 23 financial results,8 yen per share was added as a special dividend, and the annual dividend was set to 34 yen。
Palliser is the 6th largest shareholder holding 1.98% of Keisei Electric Railway shares. There are no major shareholders holding 5% or more, and trends in floating stock holders accounting for 80% or more influence the results.
The reversal phenomenon between the total market value of Keisei Electric Railway and the market value of OLC shares held by the company has been attracting attention for a long time,Shareholders expecting further “concessions” from Keisei Electric Railway, which sold 1%It seems that they also exist. It is attracting attention whether floating stock holders choose between the corporate side's assertion that “the relationship with OLC is a valuable asset that only our company can hold, and can be the basis for creating future business opportunities for our group” or immediate shareholder returns.
Palliser Capital in the UK was held at Keisei Electric Railway's general shareholders' meetingShareholder proposal to sell Oriental Land (OLC) shares, a company subject to the equity method, until the holding ratio falls below 15%It is being carried out. Recovery from the COVID-19 pandemic is remarkableThe market value holding amount of OLC shares (21.15%) that operates Tokyo Disney Resort has risen to about 1.56 trillion yen, which greatly exceeds the total market value (about 930 billion yen) of Keisei Electric Railway。
It is unclear whether pressure from the Pariser had an effect, but Keisei Electric Railway sold 1% of its shares in March for 80.1 billion yen. In addition to recording an extraordinary profit of 71 billion yen in the fiscal year 23 financial results,8 yen per share was added as a special dividend, and the annual dividend was set to 34 yen。
Palliser is the 6th largest shareholder holding 1.98% of Keisei Electric Railway shares. There are no major shareholders holding 5% or more, and trends in floating stock holders accounting for 80% or more influence the results.
The reversal phenomenon between the total market value of Keisei Electric Railway and the market value of OLC shares held by the company has been attracting attention for a long time,Shareholders expecting further “concessions” from Keisei Electric Railway, which sold 1%It seems that they also exist. It is attracting attention whether floating stock holders choose between the corporate side's assertion that “the relationship with OLC is a valuable asset that only our company can hold, and can be the basis for creating future business opportunities for our group” or immediate shareholder returns.
◆ $Hokuetsu(3865.JP$：If the major shareholders of the anti-executive department fight together, there is a possibility that the president will be dismissed
Oasis Management in Hong Kong said at the general shareholders' meeting of Hokuetsu Corporation that it failed to improve corporate governance or failed to achieve profit targets, etc.Propose the dismissal of the president and 4 outside directors, and the appointment of 5 new outside directorsDoing it.
As for Hokuetsu, there is also a feud with Daio Kaiun over Daio Paper Shares, etc., which is a company applying the company's equity method, and the issue is complicated by the speculations of the three parties of Hokuetsu, Oasis, and Daio Kaiun.Daio Shipping is proposing to shareholders the appointment of 5 outside directors different from Oasis at this general shareholders' meeting。
Hokuetsu took over Daio Paper shares during the scandal caused by the former chairman from the founder of Daio Paper, and is the largest shareholder holding 24.8% of the company's shares. In contrast to this, Daio Shipping is the actual second-largest shareholder holding 5.7% of Daio Paper's shares, and the actual owner is the uncle of the former chairman who is from the founding family of Daio Paper.
Daio Shipping has been buying more Hokuetsu shares, which has exceeded 21% as of the end of March. In negotiations between Hokuetsu and Daio Kaiun, there was also talk of substantially exchanging Daio Paper shares held by Hokuetsu and Hokuetsu shares held by Daio Kaiun, but it is said that they ended in parting ways.
On the other hand,Hokuetsu re-introduced takeover defense measures at the 23/12 board meetingIt was decided, and at this general shareholders' meeting, when Daio Kaiun carried out a large-scale purchase act, etc.Propose a bill requesting approval to invoke countermeasuresDoing it. Furthermore, in May, Hokuetsu signed a strategic business alliance basic agreement with Daio Paper and indicated a policy to consider partial sale of Daio Paper shares to the extent necessary.
In response to these moves by Hokuetsu, Oasis opposes the reintroduction of takeover defense measures, and opposes the competing Hokuetsu-Daio Paper partnership, saying “economic benefits are extremely limited.” They are also insisting on the sale of Daio Paper shares, but it is said that there is no proper timing for the sale of Daio Paper shares at the moment since the stock price of Daio Paper has fallen significantly from when it was proposed.
Oasis and Daio Kaiun have proposed separate outside directors, but since they seem to have shared interests regarding the dismissal of the current president, there is also a possibility that they will take the same steps.The holding ratio of Hokuetsu shares between Oasis and Daio Kaiun has reached close to 40%, and if they fight together, there is a possibility that the dismissal of the president will be passed。
Oasis Management in Hong Kong said at the general shareholders' meeting of Hokuetsu Corporation that it failed to improve corporate governance or failed to achieve profit targets, etc.Propose the dismissal of the president and 4 outside directors, and the appointment of 5 new outside directorsDoing it.
As for Hokuetsu, there is also a feud with Daio Kaiun over Daio Paper Shares, etc., which is a company applying the company's equity method, and the issue is complicated by the speculations of the three parties of Hokuetsu, Oasis, and Daio Kaiun.Daio Shipping is proposing to shareholders the appointment of 5 outside directors different from Oasis at this general shareholders' meeting。
Hokuetsu took over Daio Paper shares during the scandal caused by the former chairman from the founder of Daio Paper, and is the largest shareholder holding 24.8% of the company's shares. In contrast to this, Daio Shipping is the actual second-largest shareholder holding 5.7% of Daio Paper's shares, and the actual owner is the uncle of the former chairman who is from the founding family of Daio Paper.
Daio Shipping has been buying more Hokuetsu shares, which has exceeded 21% as of the end of March. In negotiations between Hokuetsu and Daio Kaiun, there was also talk of substantially exchanging Daio Paper shares held by Hokuetsu and Hokuetsu shares held by Daio Kaiun, but it is said that they ended in parting ways.
On the other hand,Hokuetsu re-introduced takeover defense measures at the 23/12 board meetingIt was decided, and at this general shareholders' meeting, when Daio Kaiun carried out a large-scale purchase act, etc.Propose a bill requesting approval to invoke countermeasuresDoing it. Furthermore, in May, Hokuetsu signed a strategic business alliance basic agreement with Daio Paper and indicated a policy to consider partial sale of Daio Paper shares to the extent necessary.
In response to these moves by Hokuetsu, Oasis opposes the reintroduction of takeover defense measures, and opposes the competing Hokuetsu-Daio Paper partnership, saying “economic benefits are extremely limited.” They are also insisting on the sale of Daio Paper shares, but it is said that there is no proper timing for the sale of Daio Paper shares at the moment since the stock price of Daio Paper has fallen significantly from when it was proposed.
Oasis and Daio Kaiun have proposed separate outside directors, but since they seem to have shared interests regarding the dismissal of the current president, there is also a possibility that they will take the same steps.The holding ratio of Hokuetsu shares between Oasis and Daio Kaiun has reached close to 40%, and if they fight together, there is a possibility that the dismissal of the president will be passed。
In addition to the 3 stocks, activists made shareholder proposals at the general shareholders' meeting scheduled to be held in June, and there are many stocks that the corporate side opposes. The main stocks that are about to face off between activists and companies are as follows.
Related stocks: $Dai Nippon Printing(7912.JP$、 $Hachijuni Bank(8359.JP$、 $Bunka Shutter(5930.JP$、 $Japan Pure Chemical(4973.JP$、 $Toda(1860.JP$、 $Kyokuto Kaihatsu Kogyo(7226.JP$、 $FUJI Media Holdings(4676.JP$、 $House Foods Group(2810.JP$、 $Yodogawa Steel Works(5451.JP$、 $Kumagai Gumi(1861.JP$、 $Toa Road(1882.JP$、 $C. Uyemura(4966.JP$、 $Keihanshin Building(8818.JP$、 $Kinden(1944.JP$、 $Komeri(8218.JP$、 $Sumitomo Densetsu(1949.JP$、 $Daidoh(3205.JP$、 $Nissan Shatai(7222.JP$、 $Osaka Steel(5449.JP$
ー MooMoo News Mark
Source: each company's website, EDINET, Nihon Keizai Shimbun, moomoo
Source: each company's website, EDINET, Nihon Keizai Shimbun, moomoo
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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