bullish
Torii Pharmaceutical (4551 JP): Board Opposes Shareholder Proposal for Appropriation of Surplus
285 Views21 Feb 2023 19:55
SUMMARY
- LIM Japan Event Master Fund sent a document to Torii Pharmaceutical (4551 JP) requesting the company to distribute 100% of its surplus to shareholders and conduct a drastic share buyback.
- LIM is of view that Torii has excess cash balances, which is more than the market cap of the company. Inefficient use of capital has led to low single-digit ROE.
- Torii opposes the proposal, as the company thinks it needs adequate cash to pursue business development aka in-licensing of new drugs.
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Tina Banerjee
Global Healthcare Analyst
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