Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Today, a relatively little-known (to foreigners) satellite broadcasting channel company called <a href="https://www.smartkarma.com/entities/nippon-bs-broadcasting-corp" target="_blank" data-smartkarma-citation="entities:8800:1" rel="noopener">Nippon BS Broadcasting (9414 JP)</a> (familiarly known as "BS11") announced its <a href="https://data.swcms.net/file/bs11/ir/irnews/auto_20211005407094/pdfFile.pdf" target="_blank" rel="noopener">FY results</a> (FY-end is 31 August), with a 27-page  <a href="https://corp.bs11.jp/ir/library/presentation/main/0/teaserItems1/02/linkList/0/link/hosokusetumeisiryou%20202108.pdf" target="_blank" rel="noopener">presentation</a>, <a href="https://data.swcms.net/file/bs11/ir/irnews/auto_20211005407085/pdfFile.pdf" target="_blank" rel="noopener">announced</a> a change in COO as the current COO becomes CEO on 17 November upon the AGM.The company also <a href="https://data.swcms.net/file/bs11/ir/irnews/auto_20211006407666/pdfFile.pdf" target="_blank" rel="noopener">announced</a> (again, Japanese-only) that a shareholder (becoming better-known US-based Japan activism gadfly RMB Japan Opportunities Fund LP) had put forth a shareholder proposal for the upcoming AGM, and the directors have come out against it. There are times when shareholder proposals are crazy. There are some where they may be ill-advised (either in the time spent on the tilt which will go nowhere, or in the idea that the proposal is so egregiously substantive that more study would be needed than could be afforded in the short period to the next vote. This proposal, however, is not one of those. And the answer is... well.... BS.

Today, a relatively little-known (to foreigners) satellite broadcasting channel company called Nippon BS Broadcasting (9414 JP) (familiarly known as "BS11") announced its FY results (FY-end is 31 August), with a 27-page  presentation, announced a change in COO as the current COO becomes CEO on 17 November upon the AGM.The company also announced (again, Japanese-only) that a shareholder (becoming better-known US-based Japan activism gadfly RMB Japan Opportunities Fund LP) had put forth a shareholder proposal for the upcoming AGM, and the directors have come out against it. There are times when shareholder proposals are crazy. There are some where they may be ill-advised (either in the time spent on the tilt which will go nowhere, or in the idea that the proposal is so egregiously substantive that more study would be needed than could be afforded in the short period to the next vote. This proposal, however, is not one of those. And the answer is... well.... BS.

What Is BS Governance? That Is BS Governance!

Japan

Nippon BS Broadcasting Corporation offers television broadcasting services. The Company broadcasts television programs including news, music, variety show, education, cartoon, and television drama programs. Nippon BS Broadcasting provides its services throughout Japan.

What Is BS Governance? That Is BS Governance!

Nippon BS Corporation, familiarly known in Japan as BS11, received a shareholder proposal to lift its dividend to a higher payout ratio, backed by...

Travis Lundy