Asset Value Investors (AVI) Submits Shareholder Proposals to NC Holdings

LONDON–(BUSINESS WIRE)–Asset Value Investors (“AVI”) submitted shareholder proposals to NC Holdings (TSE: 6236, “NCHD”) addressing key issues contributing to NCHD’s poor performance, low valuation, inefficient balance sheet and uncertain outlook.

AVI put forward eight proposals including the following:

  1. Election of Mr. Jiro Yasu and Mr. Philip Partnow, who have knowledge and experience of the capital market, as external independent directors
  2. Establishment of a ‘Strategic Review Committee’ to evaluate the NCHD’s strategic alternatives in the best interests of all shareholders
  3. Increase of the annual remuneration limit of the stock compensation plan for directors to JPY 150 million with TSR and ROIC targets
  4. Payment of a year-end dividend equivalent to a dividend payout ratio of 70%

A presentation outlining AVI’s arguments and full shareholder proposals are available at AVI’s dedicated website:

Joe Bauernfreund, CEO of AVI, stated: “AVI is committed to a purposeful dialogue to benefit all shareholders of its investee companies. We have been seeking ways to bring NC Holdings’ value closer to its intrinsic value through friendly and constructive dialogue in private with NC Holdings’ management for two years since 2021. It is regrettable that, despite these efforts, management has not proactively listened to our recommendations, and we feel the situation is unlikely to improve. Having exhausted our attempts to keep our suggestions private, we have now unfortunately, had to exercise our right to make shareholder proposals.”

“We hope shareholders will see the benefit of our proposals, and if approved, that the Board of Directors will work with the Strategic Review Committee and utilise the capital markets expertise of our two proposed directors to realise the best interest of all shareholders.”

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About Asset Value Investors (AVI)

AVI is an investment management company established in London, United Kingdom, in 1985, and AVI has invested in Japanese equities for more than 20 years. AVI manages AVI Global Trust (Total Gross Assets: approximately JPY190bn (£1.2bn)), AVI Japan Opportunities Trust (Total Gross Assets: approximately JPY31bn (£0.19bn)), etc., as of 31 March 2023. AGT and AJOT are public companies whose shares are listed and traded on the main market of the London Stock Exchange.


Kaz Sakai

[email protected]
Asset Value Investors Limited