Legal disclaimer

This website, and the information contained herein, (collectively referred to as “the Website”) is being provided for the shareholders of Fujitec (TSE 6406) for information purposes only.  Asset Value Investors Limited (“AVI”) is the investment manager of two of the shareholders of Fujitec, namely AVI Global Trust (“AGT”) and AVI Japan Opportunity Trust (“AJOT”).

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.

In the Website, AVI demands Fujitec adopt fundamental reforms to address persistent underperformance.  A detailed presentation has been published whereby AVI proposes an integrated set of measures to address Fujitec’s problems.  The recommended solutions are not narrowly focused on balance sheet improvements, but also address strategy and governance.

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 Fujitec to jointly exercise their shareholders’ rights with AVI (including, but not limited to, voting rights).

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

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.

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、フジテック株式会社(証券コード6406。以下、「フジテック」)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、フジテックの株主であるAVIグローバル・オポチュニティー・トラスト(「AGT」)ならびにAVIジャパン・オポチュニティ・トラスト(「AJOT」)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。

本ウェブサイトを通じて、AVIはフジテックに対して慢性的なアンダーパフォーマンス解消のために抜本的な改革の導入を行うことを要請します。AVIはフジテックが抱える問題に対して一連の総合的な対策を提案する詳細なプレゼンテーションを作成しました。提案する対策はバランスシートの改善という点に限定することなく、戦略やガバナンスについても対策を提案しています。

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、フジテック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。

本ウェブサイトは、フジテック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AGTおよびAJOTの資産運用管理者としてのみ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。

Taking Fujitec to the Next Level

Taking Fujitec to the Next Level

AVI is proposing an integrated set of measures to solve Fujitec’s problems. The recommended solutions are not narrowly focused on balance sheet improvements, but also address strategy and governance.

  • Fujitec should perform a fundamental strategic review with the help of outside professionals to identify areas for improvement and outline a transformation plan. The review should focus on utilising outsourced manufacturing, growing after-sales services, and include the exploration of merger options with competitors.​
  • As the first step toward greater capital efficiency, Fujitec should commit to divesting its “strategic holdings” in other listed companies. Along with its new transformation plan, Fujitec should establish a clearly defined and transparent capital policy that sets clear investment hurdle rates for future capital expenditures.
  • To improve governance and re-invigorate the company, Fujitec should adopt a three-committee style board structure, establishing a Nominating and Compensation Committee to recruit additional experienced independent directors, including an independent Chairman. Independent directors should be given broad authority to supervise management’s execution of the transformation plan.

We want to support Fujitec in becoming a best-in-class elevator & escalator company focused on Asia, after-sales services, and technology.  

Joe Bauernfreund
CEO & CIO
12th May 2020

About AVI

Founded in London in 1985, AVI has a long history of investing in Japan. Over the past few years we have observed the heightening interest in Japan driven by corporate governance reforms. What we have seen convinces us that profound change is underway, and we launched a dedicated fund, AVI Japan Opportunities Trust (‘AJOT’), to target the plentiful opportunities the reforms will bring. Across AJOT and AVI Global Opportunities Trust (‘AGT’), AVI has ¥55bn invested in Japan.

We always take a long-term view with our investments, seeking high-quality companies that the market misunderstands and undervalues. We work with company management and boards to improve long-term corporate value.

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