On March 24, 2026, Tamai Steamship Co., Ltd. (“Tamai Steamship,” or the “Company”) executed a share buyback through ToSTNeT-3 (Japanese Only, the “Share Buyback”). Hibiki Path Advisors (from January 2026, Hibiki Path Advisors SPC, hereinafter referred to as “we” or “our”) tendered our shares in the Share Buyback and filed an amendment to our large share holding report (Japanese Only).
Since sending our letter dated September 25, 2025, we have continued to engage constructively with the Company with the aim of enhancing corporate value. Through this process, the Company has discontinued its takeover response policy, which had been one of the key concern we raised. In addition, as announced on February 5, 2026, the Company revised its dividend policy (Japanese only), including an increase in the consolidated payout ratio and the introduction of a minimum dividend. Taken together, we see these actions as an indication of a more proactive stance by management toward improving corporate value.
With that in mind, we decided to tender our shares in support of the Company’s decision. We believe this large share buyback initiative will also allow shareholders who did not participate to benefit from a significant improvement in capital efficiency, and should therefore be viewed as value-accretive for all shareholders.
We sincerely wish Tamai Steamship continued success and further growth going forward.
This post does not constitute, and shall not be construed as, any proposal, solicitation, marketing, advertisement, inducement, or representation with respect to any service or product, nor does it constitute advice regarding the purchase or sale of any investment product or any type of investment, the making of any investment, the entering into of any transaction, or the refraining from any action (whether or not any terms or conditions are stated herein), and does not express any opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for explanatory purposes and do not represent past or future strategies or performance, nor do they indicate the likelihood of success of any particular strategy.
Furthermore, this post does not constitute investment, financial, legal, tax, or any other professional advice. This post has been prepared based on publicly available information (which we have not independently verified) and does not purport to be complete, timely, or comprehensive. We do not intend, either directly or indirectly, including through other shareholders, to propose at any shareholders’ meeting of TAMAI STEAMSHIP CO., LTD. (“Tamai Steamship”) the transfer or disposal of the business or assets of Tamai Steamship or any of its group companies. In addition, we do not have any intention to engage in any conduct that would make the continuous and stable operation of the business of Tamai Steamship or its group companies difficult.