In today’s briefing:
- JAPAN ACTIVISM: Silchester and Bank of Kyoto (8369) Redux
JAPAN ACTIVISM: Silchester and Bank of Kyoto (8369) Redux
- Last year, Silchester International Investors wrote a series of letters to Bank of Kyoto management and then asked to put items on the AGM agenda. It lost.
- A Bloomberg article last week suggests Silchester will ask for a ¥62 special div and a ¥5bn buyback this year. The Silchester letter is “due” by 30 April.
- The Bank has already delivered most of the ask this year (¥3bn in upped div, and ¥5bn in buybacks). Silchester will lose. Expect no Conversion on the Road to Kasumigaseki.
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