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Tokyo Broadcasting System (TBS)
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We are obviously disappointed that a majority of our fellow TBS shareholders did not support our proposal.

We believe the facts clearly show that TBS’ excessive strategic shareholdings: (1) impair TBS’ corporate value, as reflected in the ¥200 billion gap between TBS’ asset value and market value; (2) have nothing to do with TBS’ core broadcasting business; (3) reduce the accountability and discipline of TBS management; and (4) conflict with the principles of the Corporate Governance Code.

We are particularly disappointed that we did not receive more support from institutional shareholders in light of the fact that our proposal was strongly endorsed by ISS and that TBS management has persistently failed to achieve minimal ROE targets endorsed by the Stewardship Code.

At the same time, we are encouraged that TBS management has acknowledged that its policies on strategic holdings need to be reconsidered in light of recent changes in the Corporate Governance Code.  TBS management cannot ignore the fact that a number of TBS shareholders indicated their dissatisfaction with TBS management, as they have in years past, by voting against re-election of the directors nominated by the company.

In the coming months we intend to engage directly with TBS management and our fellow shareholders on ways to improve TBS’ corporate value, capital efficiency and corporate governance.  We look forward to an honest dialogue that will identify constructive measures on which broad agreement can be achieved.

Despite the results of this year’s annual meeting, we believe our efforts have received positive support and attention in Japan, and that we have begun a process that will achieve positive benefits for TBS shareholders in the long run.

We will keep this website active for informational purposes and to continue dialogue will all stakeholders.

July 5, 2018

CEO

Joe Bauernfreund

Also available in: 日本語 (Japanese)

AVI Japan Opportunity Trust

Key facts

  • Total assets:
    164.8 million*
  • Launch date:
    23 October 2018
  • Return since launch:
    27.9%**
  • Ongoing Charges:
    1.64%***

* As at 31 January 2023
** Source: Morningstar, performance period 23 October 2018 to 31 January 2023, NAV TR net of fees, GBP
*** As at 30 September 2020, includes: management fee 1.0%, marketing and administration costs.

AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’

AJOT currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Japan Opportunity Trust plc. 2018 Registered in England No: 11487703. An investment company under Section 833 of the Companies Act 2006. Registered Office: 6th Floor, 65 Gresham Street, London EC2V 7NQ. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AJOT may use gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.
AJOT

Legal Disclaimer

This website, and the information contained herein, (collectively referred to as “the Website”) is being provided for the shareholders of Tokyo Broadcasting Holdings. Inc. (“TBS”) for information purposes only.  Asset Value Investors Limited (“AVI”) is the investment manager of one of the shareholders of TBS, namely British Empire Trust plc (“BTEM”).

AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”) and is also registered as an Investment Advisor with the United States Securities and Exchange Commission (the “SEC”) under the United States Investment Advisors Act of 1940.

The Website is directed only at Professional Clients or Eligible Counterparties as defined by the UK FCA.

AVI sent a written proposal addressed to TBS (the “Proposal”) through which AVI seeks to ask shareholders to vote on a distribution of in-kind shares or cash. The Proposal is accessible through the Website.  AVI created the Website to help enable visitors to reach their own conclusion regarding whether or not to support the Proposal.

The Website was created solely for the purpose mentioned above and is provided for information purposes only.  AVI is by no means soliciting or requesting other shareholders of TBS to jointly exercise their shareholders’ rights with AVI (including, but not limited to, voting rights).

AVI declares that it does not intend to be treated or deemed a “joint holder” (kyo-do hoyu-sha) with other TBS shareholders under the Japanese Financial Instruments and Exchange Act by virtue of disseminating information through the Website or engaging in dialogue with other TBS shareholders in or through this Website.

The Website exclusively represents the opinions, interpretations and estimates of AVI in relation to TBS’s business and governance structure.  AVI is expressing such opinions, interpretations and estimates solely in its capacity as an investment manager to BTEM.

The information contained herein is derived from proprietary and non-proprietary sources deemed by AVI to be reliable.  While AVI believes that reasonable efforts have been made to ensure the accuracy of the information contained in the Website, AVI makes no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of such information.

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免責条項

本ウェブサイトならびにここに含まれるすべての情報（以下、総称して「本ウェブサイト」といいます）は、株式会社東京放送ホールディングス（以下、「TBS」）の株主のために情報を提供するという唯一の目的で開設しております。アセットバリューインベスターズ（以下、「AVI」）は、TBSの株主であるブリティッシュ・エンパイア・セキュリティーズ・アンド・ジェネラル・トラスト・ピーエルシー（「BTEM」）の資産運用管理者です。

AVIは英国の金融行為監督機構（「FCA」）の認可および規制を受けており、また米国1940年投資顧問法に基づき投資顧問として米国証券取引委員会（「SEC」）に登録しております。

本ウェブサイトは、英国FCAが定めるプロ顧客ならびに適格取引先のみを対象としています。

AVIはTBSに対して、現物配当または現金配当を行うことについて株主総会決議を求める提案書（以下「本提案」）を送付しました。本提案は本ウェブサイトより入手できます。AVIは本ウェブサイトを閲覧される皆さまが本提案を支持するか否かについて、ご自身で判断される際にお役に立てればと考え、本ウェブサイトを開設しました。

本ウェブサイトは、上記の目的のためだけに開設されたものであり、情報の提供のみを目的として掲載しております。AVIは、TBSの他の株主の皆さまに対してAVIと共同で株主権（議決権を含みますがそれに限りません）を行使していただきたいと依頼、または要請しているわけではありません。

AVIは、本ウェブサイトを通じての情報提供又は本ウェブサイトを通じて他のTBS株主と対話を行うことにより、他の株主と金融商品取引法の上の「共同保有者」として扱われ、またはみなされることを意図しておりません。

本ウェブサイトは、TBSの事業およびガバナンス体制に関するAVIの見解、解釈 、評価を掲載したものであり、AVIはあくまでBTEMの資産運用管理者の立場からこれらの見解、解釈 、評価を述べております。

本ウェブサイトに掲載される情報は、AVIが信頼できると判断した専有又は非専有の情報源から得たものです。AVIは本ウェブサイトに掲載する情報の正確性を確保するために合理的な注意を払っておりますが、その正確性、完全性および 信頼性について明示・黙示にかかわらず一切の表明・保証をするものではありません。

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