On December 18, Hibiki Path Advisors (“we”) filed an Amendment Report (Japanese Only) on Large Shareholding, disclosing that our stake in Tamai Steamship Co., Ltd. (the “Company” or “Tamai Steamship”) increased by 1%.
Now, our shareholding has reached 8.53% (8.54%¹ excluding treasury shares）.
In our letter of request, we called on the Company to implement the following three measures.
Requests for Corporate Value Enhancement
・Request 1: Disclosure of an Over-The-Cycle ROE Target and a Fundamental Review of Capital Policy, including a DOE target of 8%
・Request 2: Update on Investigation Progress and Potential Termination of the Takeover Response Policy
・Request 3: Establishment of a “Corporate Value Enhancement Committee” (tentative) to Re-examine the Purpose of Listing
With respect to Request 2, the Company has already provided the disclosure we sought, and we have likewise communicated our comments in response.
As for Requests 1 and 3, we understand that the Board of Directors continues to consider these matters. That said, we strongly hope the Company will disclose the outcome of its deliberations by the end of March 2026—the record date² for the Annual General Meeting. This deadline is identical to the timetable set out in our Letter of Request as the due date for Request 1. It also affords the Company ample time: more than six months will have elapsed since the date of our letter, September 25, 2025, which we believe constitutes a sufficient period for careful consideration.
We remain committed to exploring every possible path toward maximizing Tamai Steamship’s corporate value. To our fellow shareholders and to all employees, who are the true source of the Company’s value, we respectfully ask for your continued support.
(Past Posts)
20/Nov/2025 — Discontinuation of Tamai Steamship’s Takeover Response Policy
4/Nov/2025 – Tamai Steamship: Discussion with President Kiyozaki and Subsequent Large Shareholding Related Report
29/Sep/2025 – Large Shareholding Report and Letter to Tamai Steamship
¹ FY 3/26 Q2 Summary of Financial Results (Japanese Only) End of Quarter’s Number of Treasury Shares (1,874) used
² Article 13 of the Company’s Articles of Incorporation (as amended in June 2025, Japanese Only) provides: “The record date for the Company’s Annual General Meeting of Shareholders shall be March 31 of each year.”
This post does not solicit applications for or recommend the sale of certain securities, or provide advice on investment, legal, tax, accounting, etc. In respect of information that has been prepared by Hibiki Path Advisors (and not otherwise attributed to any other party) and which appear in the English language version of this post, in the event of any inconsistency between the English language version and the Japanese language version of this post, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated engagement amongst all shareholders.