Moab Partners Supports Fir Tree Proposals For JR Kyushu
NEW YORK and TOKYO, June 06, 2019 (GLOBE NEWSWIRE) -- Moab Capital Partners, LLC ("Moab"), a significant shareholder of Kyushu Railway Company (TYO: 9142) ("JR Kyushu" or the "Company"), with ownership of approximately 1% of JR Kyushu’s outstanding shares, announces its support of the shareholder proposals at the upcoming AGM.
Moab intends to vote FOR the shareholder proposals (“Agenda Items 7-12”). Moab strongly supports the proposed share buyback and the addition of three truly independent and exceptionally qualified independent directors.
The Company released its medium-term plan on March 19, 2019, which provided limited detail on 210 billion Yen of proposed capital investments over the next three years. Return on invested capital should be disclosed for investments representing 41% of the Company’s total market capitalization. Further, we believe the contemplated investments should be more evenly balanced with a return of the Company’s excess capital to shareholders. With numerous communications from Moab and other shareholders to this effect, we are disillusioned that our feedback was largely ignored by JR Kyushu’s management and board. It is evident that we are not alone in our disappointment—since the medium-term plan announcement on March 19, JR Kyushu’s total return of negative 15.8% compares unfavorably vs. the JR peers’ average decline of only 3.3%.
Moab is a long-term shareholder of JR Kyushu—our position was established in January 2017. Our substantial investment in JR Kyushu reflects 1) the company’s extraordinary portfolio of assets, particularly its spectacular real estate portfolio, 2) the strong economic and fundamental tailwinds that the company’s businesses are positioned to benefit from, 3) the company’s exceptionally compelling valuation, and 4) the company’s pristine balance sheet, which provides the flexibility to both execute on medium-term plan growth investments while simultaneously capitalizing on the aforementioned discounted valuation and improving the company’s cost of capital and return on equity.
We believe a host of issues are preventing JR Kyushu from reaching its full potential: 1) unbalanced capital allocation priorities, 2) significant uncertainty surrounding underwriting criteria for acquisitions and growth capital expenditures, 3) a capital structure that is inappropriate for an asset heavy business that generates significant and stable cash flows, 4) corporate governance issues ranging from lack of management economic alignment to a shortage of truly independent and exceptionally qualified board members, and 5) inadequate and confusing financial disclosures.
Moab has maintained an active dialogue with the company since establishing our investment, but the company has failed to address our serious concerns with any urgency, which is why we are now going public with our support for change at JR Kyushu and FOR the shareholder proposals (“Agenda Items 7-12”).
About Moab Capital Partners, LLC
Moab is an SEC-registered independent investment advisor founded in 2006 and is located in New York, NY.
Moab Capital Partners, LLC
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Medtronic Evolut TAVR System Receives Expanded Indication to Treat Symptomatic Severe Aortic Stenosis Patients at Low Risk for Surgical Mortality16.8.2019 17:17:00 CEST | Press release
Expanded TAVR Indication to Younger, More Active Patients Signals Groundbreaking Shift in the Future Treatment of Heart Valve Disease DUBLIN, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Medtronic plc (NYSE:MDT) today announced U.S. Food and Drug Administration (FDA) approval of the Evolut™ Transcatheter Aortic Valve Replacement (TAVR) system for patients with symptomatic severe native aortic stenosis who are at a low risk of surgical mortality. The low-risk patient population is the final surgical risk category to be approved for this minimally invasive alternative to open-heart surgical valve replacement (SAVR) and includes patients who may be younger and more active than higher-risk patients. The expanded indication approval is based on randomized clinical data from the global, prospective, multi-center Evolut Low Risk Trial, which evaluated three valve generations (CoreValve™, Evolut™ R, and Evolut™ PRO valves) in more than 1,400 patients. The data showed TAVR to have an excellent safety prof
Banks net position in the Riksbank16.8.2019 16:40:00 CEST | Press release
Aug 16, 2019 SEK MILLION LENDING BORROWING 261
Acacia Pharma Group plc - Issue of Equity on Exercise of Options16.8.2019 16:39:00 CEST | Press release
Cambridge, UK and Indianapolis, US – 16 August 2019: Acacia Pharma Group plc (the "Company”) (EURONEXT: ACPH), a hospital pharmaceutical company focused on the development and commercialisation of new nausea and vomiting treatments for surgical and cancer patients, announces that application has been made to Euronext Brussels for the admission of the 106,997 Ordinary Shares of £0.02 each (the “New Ordinary Shares”) to trading on Euronext Brussels ("Admission") to satisfy the exercise of options granted under the Company’s [Enterprise Management Incentive Share Option Plan]. The New Ordinary Shares will rank pari passu in all respects with the Company's existing Ordinary Shares in issue. Following issue of the New Ordinary Shares, the Company's total issued share capital will consist of 53,442,417 Ordinary Shares with one voting right per share. The Company does not hold any Ordinary Shares in Treasury. Therefore, following the issue of the New Ordinary Shares, the total number of votin
Conditions for Riksbank Bid Procedures Sek Bonds16.8.2019 16:20:00 CEST | Press release
Sveriges Riksbank Bid procedure details Government Bonds, 2019-08-22 Maturity date Loan ISIN code Coupon Volume, SEK million 2025-05-12 1058 SE0005676608 2.50 % 500 +/- 250 2029-11-12 1061 SE0011281922 0.75 % 500 +/ -250 Settlement date 2019-08-26 Bids have to be entered by 10.00 on AUG 22, 2019 Highest permitted bid volume: 500 SEK million in issue SGB 1058 and 500 SEK million in issue SGB 1061 Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 10.10 (CEST) ON AUG 22, 2019 For more information, please contact: Trading desk at the Riksbank + 46 8 696 6970 General and special terms and conditions can be retrieved at http://www.riksbank.se
Correction: Prosafe SE: Publication of Information Memorandum16.8.2019 15:05:00 CEST | Press release
Correction: the Information Memorandum was not attached to the previous announcement, and has now been attached. Not for release, publication or distribution, in whole or in part, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Reference is made to announcement of 3 June 2019 concerning the merger agreement between Prosafe SE ("Prosafe", OSE ticker PRS) and Floatel International Ltd ("Floatel"). Pursuant to section 3.5 of the Oslo Stock Exchange Continuing Obligations for listed companies, Prosafe has today published an information memorandum in respect of the merger. A copy of the information memorandum is available on www.newsweb.no and on Prosafe's website along with relevant financial reports at the following link: https://www.prosafe.com/information-memorandum/category1096.html Stavanger, 16 August 2019 Prosafe SE For further questions, please contact: Glen Ole Rødland, Chairman of Prosafe: + 47 907 41 662 Jesper K
Avance Gas Holding Ltd - Invitation to Earnings Release Audio Webcast for the Second Quarter of 201916.8.2019 14:38:00 CEST | Press release
Bermuda, 16 August 2019 - Avance Gas Holding Ltd (OSE: "AVANCE"), will on Thursday 22 August 2019 release its unaudited results for the second quarter of 2019. In connection with the earnings release, an audio webcast and conference call will be held at 15:00 (CET). The webcast can be accessed at Avance Gas' website www.avancegas.com. Dial in details are +44 (0) 2071 928 000 (UK and International), +1 631 510 7495 (US) or +47 23 96 02 64 (Norway). Please quote the passcode: 3835678. Phone lines will open 10 minutes before the conference call. For further queries, please contact: Peder C. G. Simonsen CFO Tel: +47 22 00 48 15 Email: email@example.com ABOUT AVANCE GAS Avance Gas Holding Ltd operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers (VLGCs), operating a fleet of 14 modern VLGC. For more information about Avance Gas, please visit: www.avancegas.com This i