№ lp_2_3_13475
Shareholder correspondence presenting a governance and capital allocation proposal to the board of a publicly listed industrial machinery company in response to sustained share price underperformance and excess cash holdings.
Date: 7 February 2025
Addressee: Mr Kiyofumi Tonami, President and CEO
Company: Tokyo Kikai Seisakusho, Ltd
Abbreviation: TKS
Addressed Location: Minato-ku, Tokyo, Japan
Sender: Mark William Baseley
Sender Location: Indooroopilly, QLD, Australia
Shareholder Status: Shareholder of the Company
Subject: Valuation gap and capital allocation concerns
Attachments: Attachment 1 – Proposal to close the valuation gap; Attachment 2 – Letter dated 6 January 2025
Referenced Event: Failed hostile takeover by Asia Investment Fund in 2021
Referenced Index: TOPIX
Financial Metrics Referenced: Share price ¥344; Net Current Asset Value ¥721 per share; Cash holdings ¥854 per share; Tangible Book Value ¥977 per share; Market capitalisation below ¥10 billion
Period Referenced: Since December 2001; 1-year, 3-year and 5-year performance periods to January 2024
Price: 8 / 10 USD
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