{"id":5273,"date":"2025-12-18T14:42:24","date_gmt":"2025-12-18T06:42:24","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=5273"},"modified":"2025-12-18T14:42:24","modified_gmt":"2025-12-18T06:42:24","slug":"post-5273","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5273\/","title":{"rendered":"18\/Dec\/2025 \u2013 Tamai Steamship: Subsequent Large Shareholding Related Report"},"content":{"rendered":"

On December 18, Hibiki Path Advisors (\u201cwe\u201d) filed an Amendment Report<\/a> (Japanese Only) on Large Shareholding, disclosing that our stake in Tamai Steamship Co., Ltd. (the \u201cCompany\u201d or \u201cTamai Steamship\u201d) increased by 1%.<\/p>\n

Now, our shareholding has reached 8.53% (<\/u><\/strong>8.54%\u00b9 excluding treasury shares<\/u><\/strong>\uff09.<\/u><\/strong><\/span><\/p>\n

In\u00a0our letter of request<\/a>, we called on the Company to implement the following three measures.<\/p>\n

Requests for Corporate Value Enhancement
\n\u30fbRequest 1: Disclosure of an Over-The-Cycle ROE Target and a Fundamental Review of Capital Policy, including a DOE target of 8%
\n\u30fbRequest 2: Update on Investigation Progress and Potential Termination of the Takeover Response Policy
\n\u30fbRequest 3: Establishment of a \u201cCorporate Value Enhancement Committee\u201d (tentative) to Re-examine the Purpose of Listing<\/p>\n

With respect to Request 2, the Company has already provided the disclosure<\/a> we sought, and we have likewise communicated our comments<\/a> in response.<\/p>\n

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\u2014the record date\u00b2 for the Annual General Meeting<\/u><\/strong><\/span>. 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.<\/p>\n

We remain committed to exploring every possible path toward maximizing Tamai Steamship\u2019s corporate value. To our fellow shareholders and to all employees, who are the true source of the Company\u2019s value, we respectfully ask for your continued support.<\/p>\n

(Past Posts)
\n20\/Nov\/2025 \u2014 Discontinuation of Tamai Steamship\u2019s Takeover Response Policy<\/a>
\n4\/Nov\/2025 \u2013 Tamai Steamship: Discussion with President Kiyozaki and Subsequent Large Shareholding Related Report<\/a>
\n29\/Sep\/2025 \u2013 Large Shareholding Report and Letter to Tamai Steamship<\/a><\/p>\n

\u00b9 FY 3\/26 Q2 Summary of Financial Results<\/a> (Japanese Only) End of Quarter\u2019s Number of Treasury Shares (1,874) used
\n\u00b2 Article 13 of the Company\u2019s Articles of Incorporation<\/a> (as amended in June 2025, Japanese Only) provides: \u201cThe record date for the Company\u2019s Annual General Meeting of Shareholders shall be March 31 of each year.\u201d<\/p>\n

\n

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.<\/p>\n

\n

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Report (Japanese Only) on Large Shareholding, disclosing that our stake in Tamai Steamship Co., Ltd. (the \u201cCompany\u201d or \u201cTamai Steamship\u201d) increased by 1%. Now, our shareholding has reached 8.53% (8.54%\u00b9 excluding treasury shares\uff09. In\u00a0our letter of request, we called on the Company to implement the following three measures. Requests for Corporate Value Enhancement \u30fbRequest 1: Disclosure of an Over-The-Cycle ROE Target and a Fundamental Review of Capital Policy, including a DOE target of 8% \u30fbRequest 2: Update on Investigation Progress and Potential Termination of the Takeover Response Policy \u30fbRequest 3: Establishment of a \u201cCorporate Value Enhancement Committee\u201d (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\u2014the record date\u00b2 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\u2019s corporate value. To our fellow shareholders and to all employees, who are the true source of the Company\u2019s value, we respectfully ask for your continued support. (Past Posts) 20\/Nov\/2025 \u2014 Discontinuation of Tamai Steamship\u2019s Takeover Response Policy 4\/Nov\/2025 \u2013 Tamai Steamship: Discussion…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78,39,81],"tags":[],"class_list":{"0":"post-5273","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-78","8":"category-engagement","9":"category-81"},"views":1494,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5273"}],"version-history":[{"count":7,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5273\/revisions"}],"predecessor-version":[{"id":5280,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5273\/revisions\/5280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}