AVIは、2024年6月にロート製薬への投資を開始して以来、持続的な企業価値の向上にむけて様々な対話を模索してまいりました。しかしながら、成功への道筋の見えない再生医療への投資を継続する、高額な買収価額のM&Aを公表する、株価の低迷にもかかわらず突如CBを発行する、といった事例が続き、株主価値が大幅に低迷している状況を憂慮しております。
また、AVIはロート製薬の取締役との建設的なプライベートの対話を試みて参りましたが、難航したスケジュール調整の後に1名の取締役との面談が叶うのみなど、投資者の視点を踏まえた「資本コストや株価を意識した経営」に向けた建設的な投資者との対話を軽視した経営が続いているものと拝見しております。
こうした状況に鑑み、AVIは当社の株主として持続的な企業価値向上を支援する趣旨から、本日公開キャンペーンを公表することと致しました。
ロート製薬は化粧品事業・アイケア事業などコア事業の潜在価値は非常に高い一方で、再生医療事業への盲目的な投資の継続が株主価値を低廉な水準に押し下げ、企業価値向上を妨げていると考えています。焦点の明確な経営戦略に向けた戦略の精査を行い、透明性の高い投資家に向けたコミュニケーションが実現されることで、ロート製薬の本源的価値が顕在化するものと確信しています。
2025年4月8日
アセット・バリュー・インベスターズ
日本調査責任者
坂井 一成
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