Palliser Capital Explains AGM Proposal to Unlock Keisei’s Intrinsic Value and Catalyze Growth On New Website

• New presentation outlines how Palliser’s straightforward shareholder proposal can unlock c.US$3bn of latent value at Keisei
• Recent actions by the Company have failed to catalyze change and address shareholder concerns

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”), the sixth largest shareholder of Keisei Electric Railway Co., Ltd. (9009 JT) (“Keisei” or the “Company”) with a stake of 1.98%, today released a new presentation outlining further details about its binding proposal for fundamental TSE-aligned change at Keisei ahead of the Company’s upcoming annual general meeting (“AGM”) on June 27, 2024.

The newly published presentation explains Palliser’s AGM proposal to require the Company to establish a capital allocation plan and partially reduce its shareholding in Oriental Land Company (“OLC”) to less than 15% in just under two years - illustrating how the result can unlock c.US$3bn in value (representing a 46% upside to Keisei’s current market price), enhance the Company’s position as a leader in the Japanese market and promote sustainability, stability and future success for Keisei over the medium- to long-term.

Palliser’s AGM proposal is underpinned by and fully aligned with recent TSE initiatives and reforms—of which Palliser is a firm supporter.

The presentation further explains that Keisei’s recent actions have failed to address shareholder concerns and that other constructive suggestions Palliser made to the Board—such as a non-binding advisory vote—to give shareholders a voice and encourage concrete action were dismissed. Palliser also outlines why the Board’s opposition to the AGM proposal is unsubstantiated, self-serving and wrong.

Full details of the presentation are outlined in the accompanying attachment.

The presentation can also be found on a newly launched website dedicated to sharing information concerning Palliser’s ongoing engagement with the Company, which further includes Palliser’s initial presentation unveiled at last year’s 13D Monitor’s Active-Passive Investor Summit, correspondence with Keisei management, and a copy of Palliser’s shareholder proposal. The website can be accessed at: https://www.keisei100.com/

For inquiries regarding Keisei’s AGM and Palliser’s binding proposal, contact [e-mail].

About Palliser Capital

Palliser Capital is a global multi-strategy fund. Our value-oriented investment philosophy is applied to a broad range of opportunities throughout 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 is the sixth largest Keisei shareholder with a stake of 1.98%. All available materials concerning Palliser’s ongoing engagement with Keisei can be found at: https://www.keisei100.com/