Dialogue with Kyokuto
In order to increase shareholder value, Strategic Capital has engaged in continuous dialogue with the Company. In addition to dialogue with management, we conveyed our opinions in writing.
Opinions expressed in writing sent March 2020
・ To make the Company stock more attractive and become listed on the upcoming Prime market, adopt a 100% payout ratio as a capital policy.
・ Do not leave the low valuation of the Company such as PBR below 0.3x. Take action to improve the low PBR. Example, strengthen shareholder returns through special dividends.
Opinions expressed in writing sent February 2019
・ If you want to include the adviser of IHI (a business partner) as a board director, then make him a candidate as a part-time director rather than an independent outside director.
・ The independence of longtime outside directors cannot be ensured, so identify the appropriate candidate for the appropriate roles and deliberate at the AGM.
Opinions expressed in writing sent December 2018
・ Seriously deal with the decline in the stock price.
・ We expect the management of the Company to make the rational decision to start share buybacks.
Opinions expressed in writing sent October 2018
・ Improve EV / EBITDA ratio etc. by share buybacks.
・ Rather than having an excessive number of listed shares of other companies, buy back the shares of the Company and cancel them.
Opinions expressed in writing sent August 2018
・ Do not leave the low valuation of the Company such as PBR below 0.5x. Take action to improve the low PBR.
・ How share buybacks can send a strong positive message to the markets where stock price is falling.