An independent Tokyo Radiator

OUR SHAREHOLDER PROPOSALS          Our Presentation


Dear fellow shareholders of Tokyo Radiator,

AVI has been a shareholder of Tokyo Radiator for nearly four years. We have been in communication with Tokyo Radiator to increase its corporate value, especially to resolve conflicts of interests between KKR-owned Marelli, Tokyo Radiator’s controlling shareholder, and minority shareholders.

It goes without saying that KKR is fully aware of Tokyo Radiator’s listed subsidiary status and, by maintaining the structure and having a disproportionate influence, is at fault for the failure to protect minority shareholders. The President of Tokyo Radiator is assigned from KKR-owned Marelli, raising questions about whose interests are more important for Tokyo Radiator—those of its controlling shareholder or those of general shareholders.

Tokyo Radiator has idle cash of ¥9.9bn, which exceeds its market capitalisation. Over half of the ¥9.9bn is inappropriately deposited with its controlling shareholder Marelli.  AVI has made shareholder proposals to strengthen the protection of minority shareholders and address the issues caused by its “listed subsidiary” status

  • Shareholder Proposal 1: Return of ¥5.5bn cash held on deposit to parent company Marelli, and return it to shareholders as a special dividend
  • Shareholder Proposal 2: Transition to a company with an audit and supervisory committee to strengthen the supervisory function of the board of directors
  • Shareholder Proposal 3: Establishment of a nomination committee and a compensation committee, the majority of members to be comprised of outside directors
  • Shareholder Proposal 4: Introduction of restricted stock-based compensation system for directors (excluding outside directors)

We hope that our fellow shareholders will support these proposals. Other shareholders who share our views are encouraged to communicate their views.

18th May 2021

Joe Bauernfreund
CEO & CIO, Asset Value Investors

AVI Japan Opportunity Trust

Key facts

AVI Japan Opportunity Trust p.l.cは、本ウェブサイト全体を通して「AJOT」と記載されています AJOTの運用者であるAsset Value Investorsは「AVI」と記載されています。

AJOTは現在、英国金融行為監督機構(以下「FCA」)の非主流投資商品に関する規則に従い、 英国内の独立系ファイナンシャルアドバイザー(以下「IFA」) が一般の個人投資家にAJOT株式を推奨できるように業務を行っており、今後もそのようにしていく予定です。 この株式は、認可された投資信託であるため、非主流投資商品に適用されるFCAの規制から除外されています。© AVI Japan Opportunity Trust plc. 2018 Registered in England No: 11487703. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Asset Value Investors Ltd.が運用しており、同社はFCAの認可と規制を受けています。 過去の業績は、将来の業績を示すものとはみなされません。投資対象の価格および利益は、下落または上昇することがあり、 投資家は投資額の全額を回収できない可能性があります。AJOTはギアリング技術(レバレッジ)を使用することがあり、 これにより市場の動きが上下に誇張され、市場価値が突然大きく下落する可能性があります。 顧客の投資に影響を与えるリスクの詳細については、「主な特徴」をご参照ください。パフォーマンスの数値は、 プライス・トータル・リターンに基づく累積的なものであり、プランの手数料は含まれていません。詳細については、 電話(03458 500181)までお問い合わせください。税務上の取り扱いは個々の状況に応じて異なり、 将来的に変更される可能性があります。Asset Value Investors Ltd.は、Innovative Finance ISAsを提供しておりません。(これは英語の原文の日本語訳であり、日本語訳が誤っていた場合には、 英語の原文をご参照ください。)This is a Japanese translation of the original English text. If the Japanese translation is incorrect, please refer to the English original.


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