Legal disclaimer

This website, and the information contained herein, (collectively referred to as “the Website”) is being provided for the shareholders of Tokyo Radiator Mfg. Co., Ltd. (TSE 7235)(TRS) for information purposes only.  Asset Value Investors Limited (“AVI”) is the investment manager of one of the shareholders of TRS, namely 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.

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 Tokyo Radiator 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 TRS’ business and governance structure.  AVI is expressing such opinions, interpretations and estimates solely in its capacity as an investment manager of 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、東京ラヂエーター製造株式会社(証券コード7235。以下、「東京ラヂエーター」)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、東京ラヂエーターの株主である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、東京ラヂエーター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、東京ラヂエーター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。

An independent Tokyo Radiator

An independent Tokyo Radiator

Dear fellow shareholders of Tokyo Radiator,

AVI has been a shareholder of Tokyo Radiator for nearly four years. We have been in communication with Tokyo Radiator to increase its corporate value, especially to resolve conflicts of interests between KKR-owned Marelli, Tokyo Radiator’s controlling shareholder, and minority shareholders.

It goes without saying that KKR is fully aware of Tokyo Radiator’s listed subsidiary status and, by maintaining the structure and having a disproportionate influence, is at fault for the failure to protect minority shareholders. The President of Tokyo Radiator is assigned from KKR-owned Marelli, raising questions about whose interests are more important for Tokyo Radiator—those of its controlling shareholder or those of general shareholders.

Tokyo Radiator has idle cash of ¥9.9bn, which exceeds its market capitalisation. Over half of the ¥9.9bn is inappropriately deposited with its controlling shareholder Marelli.  AVI has made shareholder proposals to strengthen the protection of minority shareholders and address the issues caused by its “listed subsidiary” status

  • Shareholder Proposal 1: Return of ¥5.5bn cash held on deposit to parent company Marelli, and return it to shareholders as a special dividend
  • Shareholder Proposal 2: Transition to a company with an audit and supervisory committee to strengthen the supervisory function of the board of directors
  • Shareholder Proposal 3: Establishment of a nomination committee and a compensation committee, the majority of members to be comprised of outside directors
  • Shareholder Proposal 4: Introduction of restricted stock-based compensation system for directors (excluding outside directors)

We hope that our fellow shareholders will support these proposals. Other shareholders who share our views are encouraged to communicate their views.

18th May 2021

Joe Bauernfreund
CEO & CIO, Asset Value Investors

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