NEW YORK--(BUSINESS WIRE)--Palliser Capital (“Palliser”), the eighth largest shareholder of Keisei Electric Railway Co., Ltd. (9009 JT) (“Keisei”) with a stake of 1.6%, releases details of the presentation given to attendees of 13D Monitor’s 2023 Active-Passive Investor Summit in New York. Palliser’s presentation outlines a comprehensive set of proposals intended to address Keisei’s persistent undervaluation by unlocking $4.5 billion of latent value and enacting a suite of capital allocation, governance and investor relations reforms.
Palliser’s “Three-Step Plan” includes proposals to:
- Reduce Keisei’s stake in Oriental Land Co., Ltd., in order to resolve the mismatch between its reported value on Keisei’s balance sheet and its actual value
- Adopt a capital allocation framework encompassing a focused investment strategy and enhanced shareholder return policy, in order to ensure optimal allocation of Keisei’s existing and future capital, in line with Tokyo Stock Exchange initiatives
- Institute both best-in-class corporate governance, including increased board-level diversity, enhanced management alignment structures and the removal of advisory/cross-board appointments and improved investor communication policies
James Smith, Palliser’s Founder and CIO, said:
“Our team has been delighted to engage extensively with the board and management of Keisei over such a long period of time. We look forward to making further progress in our discussions with the company and to the achievement of an ‘all-around win’ outcome for all of Keisei’s stakeholders.”
Full details of the Presentation are outlined in the accompanying attachment.
About Palliser Capital
Palliser Capital is a global multi-strategy fund based in London. Our value-oriented investment philosophy is applied to a broad range of opportunities across the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups. Palliser Capital is the eighth largest Keisei shareholder with a stake of 1.6%.