AGM in June 2019 | 蝶理の株主価値向上に向けて
会社概要
What we hope Chori to increase the shareholders' value as a shareholder are
1.Drastic increase in dividend / share buyback to prevent further lowering of ROE
2.Dissolution of cross-shareholdings
3.Transform to a board led by independent outside directors

AGM in June 2019

We attended the AGM and expressed our opinions.
Link in Japanese

Key opinions in English are following.


  • Although Chori has achieved its 3 years’ mid-term management plan in 2 years and its profit and equity capital both increased, the share price has gone down instead of up. This is the clear evidence that Chori’s 3 years’ plan hasn’t contributed to increase its enterprise value and its shareholders’ value.

  • The more Chori accumulates equity capital, the more shareholders’ value decreases. Managements who pursuit comfortable situation are damaging shareholders’ value.

  • M&A shall not necessarily be funded by cash in hand. If the deal is reasonable enough, Chori can raise the fund from financial institutions when needed.

  • Toray, the parent company of Chori which holds more than a half of Chori’s voting rights, leaves Chori so long without trying to increase its value. Even if we propose our opinions to increase its shareholder value, the managements of Chori lack a sense of tension due to the support from Toray which always tolerates Chori. This situation leads to leave the share price cheap.

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