Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Activist Strategic Capital has made shareholder noise at civil engineer-road infra company <a href="https://www.smartkarma.com/entities/seikitokyu-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:7819:1" rel="noopener">Seikitokyu Kogyo (1898 JP)</a> for years. Two years ago I wrote about Seikitokyu as "A REALLY Cheap Company."</li>
<li>When I wrote, it was ¥885/share. 23 months later it was ¥824/share having paid ¥60/share over two years. <em>Despite having bought back 10% of shares outstanding in the interim.</em>
</li>
<li>Today they announced a radical new Shareholder Return Policy. It is worth reading in detail. The insight is labelled BEARISH for a specific reason. That's a detail too. </li>
</ul>


Activist Strategic Capital has made shareholder noise at civil engineer-road infra company Seikitokyu Kogyo (1898 JP) for years. Two years ago I wrote about Seikitokyu as "A REALLY Cheap Company."
When I wrote, it was ¥885/share. 23 months later it was ¥824/share having paid ¥60/share over two years. Despite having bought back 10% of shares outstanding in the interim.

Today they announced a radical new Shareholder Return Policy. It is worth reading in detail. The insight is labelled BEARISH for a specific reason. That's a detail too. 


JAPAN GOVERNANCE CHANGES III:  New Return Policy at Seikitokyu (1898) - To Be Copied Elsewhere?

<p>Shareholder proposals for AGMs in Japan are somewhat rare. Activist proposals rarer still. They only affect roughly 2% of companies with June AGMs and shareholder proposals are rarely passed, but they may reflect the pressure on a company, and when something has enough support, management may end up agreeing to it if not outright supporting it later on.</p><p>Activist fund Strategic Capital has made shareholder proposals to 6 companies (that we know of) in the past month or so, starting with <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita &amp; Co Ltd (8125 JP)</a> which has a May AGM, as discussed in <a href="https://www.smartkarma.com/insights/japan-activism-a-look-into-wakita-8125-jp-potential-pre-event" target="_blank" data-smartkarma-citation="insights:50034" rel="noopener">Japan Activism: A Look into Wakita (8125 JP) Potential Pre-Event</a> and <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita &amp; Co Ltd (8125 JP)</a> at the beginning of the month, and five more names announced on the 28th of April. </p><p>Those five names are <a href="https://www.smartkarma.com/entities/asanuma-corp" target="_blank" data-smartkarma-citation="entities:19612:1" rel="noopener">Asanuma Corp (1852 JP)</a>, <a href="https://www.smartkarma.com/entities/seikitokyu-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:7819:1" rel="noopener">Seikitokyu Kogyo (1898 JP)</a>, <a href="https://www.smartkarma.com/entities/arisawa-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:18028:1" rel="noopener">Arisawa Mfg (5208 JP)</a>, <a href="https://www.smartkarma.com/entities/bunka-shutter-co-ltd" target="_blank" data-smartkarma-citation="entities:5903:1" rel="noopener">Bunka Shutter (5930 JP)</a>, and <a href="https://www.smartkarma.com/entities/kyokuto-boeki-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:12884:1" rel="noopener">Kyokuto Boeki Kaisha (8093 JP)</a>.</p><p>This eclectic group is unified by balance sheet excess. In this case, net cash and securities of about 50% of market cap, a lack of borrowing, a lack of destination for the accumulated capital, BUT this case has its Very Interesting Aspects. </p><h2>So... <a href="https://www.smartkarma.com/entities/seikitokyu-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:7819:1" rel="noopener">Seikitokyu Kogyo (1898 JP)</a> </h2><hr><p><em>Activist AGM Proposals so far this year are as follows (🤖 is Japanese language, 👹 is English):</em></p><table class="table table-striped"><tbody>
<tr>
<td style="width: 36px;">Date<br>Anncd</td>
<td style="text-align: center; width: 33.6px;">Ticker</td>
<td style="width: 122.4px;">Company</td>
<td style="width: 41.6px;">AGM</td>
<td style="width: 48px;">Proposal</td>
<td style="width: 187.2px;">Proposer</td>
<td style="width: 128px;">Smartkarma Insights</td>
</tr>
<tr>
<td style="width: 36px;">15 Apr</td>
<td style="text-align: center; width: 33.6px;">8918</td>
<td style="width: 122.4px;">Land</td>
<td style="width: 41.6px;">27 May</td>
<td style="width: 48px;"><a href="http://www.land.jp/pdf/20210415154419_1.pdf" target="_blank" rel="noopener">🤖</a></td>
<td style="width: 187.2px;">An individual</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">23 Apr</td>
<td style="text-align: center; width: 33.6px;">8125</td>
<td style="width: 122.4px;">Wakita</td>
<td style="width: 41.6px;">27 May</td>
<td style="width: 48px;">
<a href="https://contents.xj-storage.jp/xcontents/81250/a6125b97/fbfe/4961/baac/116bc18b2917/140120210423498992.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/wp-content/uploads/2021/04/To-Shareholder-of-WAKITA-CO.-LTD..pdf" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;">
<a href="https://www.smartkarma.com/insights/japan-activism-a-look-into-wakita-8125-jp-potential-pre-event" target="_blank" rel="noopener">insight 1</a>, <a href="https://www.smartkarma.com/insights/wakita-rejects-stracap-s-shareholder-proposals" target="_blank" rel="noopener">insight 2</a>
</td>
</tr>
<tr>
<td style="width: 36px;">27 Apr</td>
<td style="text-align: center; width: 33.6px;">6815</td>
<td style="width: 122.4px;">Uniden</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="http://www.uniden.co.jp/ir/news/dat/2021/information_20210427.pdf" target="_blank" rel="noopener">🤖</a></td>
<td style="width: 187.2px;">LIM Japan Event Master Fd</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">.1852</td>
<td style="width: 122.4px;">Asanuma</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://www.asanuma.co.jp/ir/pdf/etc/20210428k.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/proposal/2021_asanuma" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"><a href="https://www.smartkarma.com/insights/2021-japan-agm-activism-stracap-proposals-for-asanuma-corp-1852" target="_blank" rel="noopener">insight</a></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">8093</td>
<td style="width: 122.4px;">Kyokuto Boeki Kaisha</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://contents.xj-storage.jp/xcontents/AS01655/21124bce/241c/4a3a/8482/00305b8413e6/140120210428402431.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/proposal/2021_kbk" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">1898</td>
<td style="width: 122.4px;">Seikitokyu Kogyo</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://www.seikitokyu.co.jp/dev/wp-content/themes/twentysixteen/pdf/info/20210428.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/proposal/2021_seikitokyu" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">5208</td>
<td style="width: 122.4px;">Arisawa Mfg</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="https://stracap.jp/english/proposal/2021_arisawa" target="_blank" rel="noopener">👹</a></td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">5930</td>
<td style="width: 122.4px;">Bunka Shutter</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="https://stracap.jp/english/proposal/2021_bunkasutter" target="_blank" rel="noopener">👹</a></td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">2327</td>
<td style="width: 122.4px;">NS Solutions</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://ssl4.eir-parts.net/doc/2327/tdnet/1958513/00.pdf" target="_blank" rel="noopener">🤖</a> , </td>
<td style="width: 187.2px;">AVI Japan Opportunity Trust PLC</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">30 Apr</td>
<td style="text-align: center; width: 33.6px;">4295</td>
<td style="width: 122.4px;">Faith</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="https://www.faith.co.jp/ir/pdf/20210430_ir.pdf" target="_blank" rel="noopener">🤖</a></td>
<td style="width: 187.2px;">RMB Capital Japan Oppty Fd</td>
<td style="width: 128px;"></td>
</tr>
</tbody></table>

Shareholder proposals for AGMs in Japan are somewhat rare. Activist proposals rarer still. They only affect roughly 2% of companies with June AGMs and shareholder proposals are rarely passed, but they may reflect the pressure on a company, and when something has enough support, management may end up agreeing to it if not outright supporting it later on.Activist fund Strategic Capital has made shareholder proposals to 6 companies (that we know of) in the past month or so, starting with Wakita &amp; Co Ltd (8125 JP) which has a May AGM, as discussed in Japan Activism: A Look into Wakita (8125 JP) Potential Pre-Event and Wakita &amp; Co Ltd (8125 JP) at the beginning of the month, and five more names announced on the 28th of April. Those five names are Asanuma Corp (1852 JP), Seikitokyu Kogyo (1898 JP), Arisawa Mfg (5208 JP), Bunka Shutter (5930 JP), and Kyokuto Boeki Kaisha (8093 JP).This eclectic group is unified by balance sheet excess. In this case, net cash and securities of about 50% of market cap, a lack of borrowing, a lack of destination for the accumulated capital, BUT this case has its Very Interesting Aspects. So... Seikitokyu Kogyo (1898 JP) Activist AGM Proposals so far this year are as follows (🤖 is Japanese language, 👹 is English):

Date Anncd
Ticker
Company
AGM
Proposal
Proposer
Smartkarma Insights


15 Apr
8918
Land
27 May
🤖
An individual



23 Apr
8125
Wakita
27 May

🤖 , 👹

Strategic Capital

insight 1, insight 2



27 Apr
6815
Uniden
June
🤖
LIM Japan Event Master Fd



28 Apr
.1852
Asanuma
June

🤖 , 👹

Strategic Capital
insight


28 Apr
8093
Kyokuto Boeki Kaisha
June

🤖 , 👹

Strategic Capital



28 Apr
1898
Seikitokyu Kogyo
June

🤖 , 👹

Strategic Capital



28 Apr
5208
Arisawa Mfg
June
👹
Strategic Capital



28 Apr
5930
Bunka Shutter
June
👹
Strategic Capital



28 Apr
2327
NS Solutions
June

🤖 , 
AVI Japan Opportunity Trust PLC



30 Apr
4295
Faith
June
🤖
RMB Capital Japan Oppty Fd




2021 Japan AGM Activism - StraCap Proposals for Seikitokyu Kogyo (1898) - A REALLY Cheap Company

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-road-co-ltd" target="_blank" data-smartkarma-citation="entities:12581:1" rel="noopener">Nippon Road (1884 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/shimizu-corp" target="_blank" data-smartkarma-citation="entities:8530:1" rel="noopener">Shimizu Corp (1803 JP)</a> at JPY2,520, a 16.2% premium to the undisturbed price.</li>
<li>The offer represents an all-time high and is 26.0% higher than the 2022 partial tender offer price. However, it is light compared to peer multiples.</li>
<li>The offer is below the midpoint of the target IFA DCF valuation range. However, the required minority acceptance rate is not onerous, and this is a done deal. </li>
</ul>



Nippon Road (1884 JP) has recommended a tender offer from Shimizu Corp (1803 JP) at JPY2,520, a 16.2% premium to the undisturbed price.
The offer represents an all-time high and is 26.0% higher than the 2022 partial tender offer price. However, it is light compared to peer multiples.
The offer is below the midpoint of the target IFA DCF valuation range. However, the required minority acceptance rate is not onerous, and this is a done deal. 


Nippon Road (1884 JP): Shimizu Corp (1803 JP) Tender Offer Is Light but Likely Done

<ul>
<li>Today, YFO (WK1 Limited) filed an <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100QXII.pdf?sv=2020-08-04&amp;st=2023-06-13T12%3A26%3A16Z&amp;se=2028-06-13T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=oUK2bOEu4Z3eq5k0U3V3UgPd%2FFhlZkvPaUiHl9LDMjc%3D" target="_blank" rel="noopener">amendment</a> to its Large Shareholder Filing saying it had increased its stake from 27.19% to 28.51%. GK Yamauchi No10 Family Office bought 1.32%.</li>
<li>Almost immediately, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> said YFO<a href="https://www.toyo-const.co.jp/wp/wp-content/uploads/2023/06/20230613.pdf" target="_blank" rel="noopener"> had likely conducted an illegal act</a> according to US Securities Exchange Act of 1934, Rule 14e-5. This is likely hogwash.</li>
<li>YFO is upping its stake for a zero premium tender and Toyo is fighting old battles. And the stock chugs higher.</li>
</ul>


Today, YFO (WK1 Limited) filed an amendment to its Large Shareholder Filing saying it had increased its stake from 27.19% to 28.51%. GK Yamauchi No10 Family Office bought 1.32%.
Almost immediately, Toyo Construction (1890 JP) said YFO had likely conducted an illegal act according to US Securities Exchange Act of 1934, Rule 14e-5. This is likely hogwash.
YFO is upping its stake for a zero premium tender and Toyo is fighting old battles. And the stock chugs higher.


Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

<p>Shareholder proposals for AGMs in Japan are somewhat rare. Activist proposals rarer still. They only affect roughly 2% of companies with June AGMs and shareholder proposals are rarely passed, but they may reflect the pressure on a company, and when something has enough support, management may end up agreeing to it if not outright supporting it later on.</p><p>Activist fund Strategic Capital has made shareholder proposals to 6 companies (that we know of) in the past month or so, starting with <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita &amp; Co Ltd (8125 JP)</a> which has a May AGM, as discussed in <a href="https://www.smartkarma.com/insights/japan-activism-a-look-into-wakita-8125-jp-potential-pre-event" target="_blank" data-smartkarma-citation="insights:50034" rel="noopener">Japan Activism: A Look into Wakita (8125 JP) Potential Pre-Event</a> and <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita &amp; Co Ltd (8125 JP)</a> at the beginning of the month, and five more names announced on the 28th of April. </p><p>Those five names are <a href="https://www.smartkarma.com/entities/asanuma-corp" target="_blank" data-smartkarma-citation="entities:19612:1" rel="noopener">Asanuma Corp (1852 JP)</a>, <a href="https://www.smartkarma.com/entities/seikitokyu-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:7819:1" rel="noopener">Seikitokyu Kogyo (1898 JP)</a>, <a href="https://www.smartkarma.com/entities/arisawa-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:18028:1" rel="noopener">Arisawa Mfg (5208 JP)</a>, <a href="https://www.smartkarma.com/entities/bunka-shutter-co-ltd" target="_blank" data-smartkarma-citation="entities:5903:1" rel="noopener">Bunka Shutter (5930 JP)</a>, and <a href="https://www.smartkarma.com/entities/kyokuto-boeki-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:12884:1" rel="noopener">Kyokuto Boeki Kaisha (8093 JP)</a>.</p><p>This eclectic group is unified by overly strong balance sheets. In this case, "newly" emphasised net receivables.  </p><h2>First up... <a href="https://www.smartkarma.com/entities/asanuma-corp" target="_blank" data-smartkarma-citation="entities:19612:1" rel="noopener">Asanuma Corp (1852 JP)</a> </h2><hr><p><em>Activist AGM Proposals so far this year are as follows (🤖 is Japanese language, 👹 is English):</em></p><table class="table table-striped"><tbody>
<tr>
<td style="width: 36px;">Date<br>Anncd</td>
<td style="text-align: center; width: 33.6px;">Ticker</td>
<td style="width: 122.4px;">Company</td>
<td style="width: 41.6px;">AGM</td>
<td style="width: 48px;">Proposal</td>
<td style="width: 187.2px;">Proposer</td>
<td style="width: 128px;">Smartkarma Insights</td>
</tr>
<tr>
<td style="width: 36px;">15 Apr</td>
<td style="text-align: center; width: 33.6px;">8918</td>
<td style="width: 122.4px;">Land</td>
<td style="width: 41.6px;">27 May</td>
<td style="width: 48px;"><a href="http://www.land.jp/pdf/20210415154419_1.pdf" target="_blank" rel="noopener">🤖</a></td>
<td style="width: 187.2px;">An individual</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">23 Apr</td>
<td style="text-align: center; width: 33.6px;">8125</td>
<td style="width: 122.4px;">Wakita</td>
<td style="width: 41.6px;">27 May</td>
<td style="width: 48px;">
<a href="https://contents.xj-storage.jp/xcontents/81250/a6125b97/fbfe/4961/baac/116bc18b2917/140120210423498992.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/wp-content/uploads/2021/04/To-Shareholder-of-WAKITA-CO.-LTD..pdf" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;">
<a href="https://www.smartkarma.com/insights/japan-activism-a-look-into-wakita-8125-jp-potential-pre-event" target="_blank" rel="noopener">insight 1</a>, <a href="https://www.smartkarma.com/insights/wakita-rejects-stracap-s-shareholder-proposals" target="_blank" rel="noopener">insight 2</a>
</td>
</tr>
<tr>
<td style="width: 36px;">27 Apr</td>
<td style="text-align: center; width: 33.6px;">6815</td>
<td style="width: 122.4px;">Uniden</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="http://www.uniden.co.jp/ir/news/dat/2021/information_20210427.pdf" target="_blank" rel="noopener">🤖</a></td>
<td style="width: 187.2px;">LIM Japan Event Master Fd</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">.1852</td>
<td style="width: 122.4px;">Asanuma</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://www.asanuma.co.jp/ir/pdf/etc/20210428k.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/proposal/2021_asanuma" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">8093</td>
<td style="width: 122.4px;">Kyokuto Boeki Kaisha</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://contents.xj-storage.jp/xcontents/AS01655/21124bce/241c/4a3a/8482/00305b8413e6/140120210428402431.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/proposal/2021_kbk" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">1898</td>
<td style="width: 122.4px;">Seikitokyu Kogyo</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://www.seikitokyu.co.jp/dev/wp-content/themes/twentysixteen/pdf/info/20210428.pdf" target="_blank" rel="noopener">🤖</a> , <a href="https://stracap.jp/english/proposal/2021_seikitokyu" target="_blank" rel="noopener">👹</a>
</td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">5208</td>
<td style="width: 122.4px;">Arisawa Mfg</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="https://stracap.jp/english/proposal/2021_arisawa" target="_blank" rel="noopener">👹</a></td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">5930</td>
<td style="width: 122.4px;">Bunka Shutter</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="https://stracap.jp/english/proposal/2021_bunkasutter" target="_blank" rel="noopener">👹</a></td>
<td style="width: 187.2px;">Strategic Capital</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">28 Apr</td>
<td style="text-align: center; width: 33.6px;">2327</td>
<td style="width: 122.4px;">NS Solutions</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;">
<a href="https://ssl4.eir-parts.net/doc/2327/tdnet/1958513/00.pdf" target="_blank" rel="noopener">🤖</a> , </td>
<td style="width: 187.2px;">AVI Japan Opportunity Trust PLC</td>
<td style="width: 128px;"></td>
</tr>
<tr>
<td style="width: 36px;">30 Apr</td>
<td style="text-align: center; width: 33.6px;">4295</td>
<td style="width: 122.4px;">Faith</td>
<td style="width: 41.6px;">June</td>
<td style="width: 48px;"><a href="https://www.faith.co.jp/ir/pdf/20210430_ir.pdf" target="_blank" rel="noopener">🤖</a></td>
<td style="width: 187.2px;">RMB Capital Japan Oppty Fd</td>
<td style="width: 128px;"></td>
</tr>
</tbody></table><p><br><br></p>

Shareholder proposals for AGMs in Japan are somewhat rare. Activist proposals rarer still. They only affect roughly 2% of companies with June AGMs and shareholder proposals are rarely passed, but they may reflect the pressure on a company, and when something has enough support, management may end up agreeing to it if not outright supporting it later on.Activist fund Strategic Capital has made shareholder proposals to 6 companies (that we know of) in the past month or so, starting with Wakita &amp; Co Ltd (8125 JP) which has a May AGM, as discussed in Japan Activism: A Look into Wakita (8125 JP) Potential Pre-Event and Wakita &amp; Co Ltd (8125 JP) at the beginning of the month, and five more names announced on the 28th of April. Those five names are Asanuma Corp (1852 JP), Seikitokyu Kogyo (1898 JP), Arisawa Mfg (5208 JP), Bunka Shutter (5930 JP), and Kyokuto Boeki Kaisha (8093 JP).This eclectic group is unified by overly strong balance sheets. In this case, "newly" emphasised net receivables.  First up... Asanuma Corp (1852 JP) Activist AGM Proposals so far this year are as follows (🤖 is Japanese language, 👹 is English):

Date Anncd
Ticker
Company
AGM
Proposal
Proposer
Smartkarma Insights


15 Apr
8918
Land
27 May
🤖
An individual



23 Apr
8125
Wakita
27 May

🤖 , 👹

Strategic Capital

insight 1, insight 2



27 Apr
6815
Uniden
June
🤖
LIM Japan Event Master Fd



28 Apr
.1852
Asanuma
June

🤖 , 👹

Strategic Capital



28 Apr
8093
Kyokuto Boeki Kaisha
June

🤖 , 👹

Strategic Capital



28 Apr
1898
Seikitokyu Kogyo
June

🤖 , 👹

Strategic Capital



28 Apr
5208
Arisawa Mfg
June
👹
Strategic Capital



28 Apr
5930
Bunka Shutter
June
👹
Strategic Capital



28 Apr
2327
NS Solutions
June

🤖 , 
AVI Japan Opportunity Trust PLC



30 Apr
4295
Faith
June
🤖
RMB Capital Japan Oppty Fd


  

2021 Japan AGM Activism - StraCap Proposals for Asanuma Corp (1852)

Japan

SEIKITOKYU KOGYO CO., LTD. is a general construction company belonging to Tokyu group.  The Company specializes in asphalt paving.  Seikitokyu also constructs infrastructure and buildings with cement materials.  The Company produces and sells asphalt mixture.  Seikitokyu manages sports facilities such as tennis clubs and golf clubs through its subsidiaries.

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Seikitokyu Kogyo (1898 JP)

JAPAN GOVERNANCE CHANGES III: New Return Policy at Seikitokyu (1898) - To Be Copied Elsewhere?

Seikitokyu Kogyo, after years of harassment by activist shareholder Stracap, has announced a new Shareholder Return policy - a 100% dividend payout...

Travis Lundy

2021 Japan AGM Activism - StraCap Proposals for Seikitokyu Kogyo (1898) - A REALLY Cheap Company

StraCap has now made the same Shareholder Proposals on Seikitokyu Kogyo for 3 straight years. They make sense, but are likely to be rebuffed. But...

Travis Lundy

Nippon Road (1884 JP): Shimizu Corp (1803 JP) Tender Offer Is Light but Likely Done

The offer is below the midpoint of the target IFA DCF valuation range and peer multiples. However, the required minority acceptance rate is not...

Arun George

Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

Toyo rails against YFO. ISS recommends to mostly support YFO. YFO increases its stake in Toyo Construction, Toyo objects and calls it unfair...

Travis Lundy

2021 Japan AGM Activism - StraCap Proposals for Asanuma Corp (1852)

2020 AGM Activism (A Series) - Strategic Capital AGM proposals for Asanuma will get dinged, like last year. They make some sense, but high div and...

Travis Lundy

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