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  "documentTitle": "Keisei Electric Railway Co., Ltd. (9009.T)",
  "authorId": "24_Palliser_Capital",
  "authorName": "James Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-24 00:00:00",
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  "density": "dense",
  "nDataPoints": 3,
  "notes": "This is a text-heavy shareholder letter page. It uses survey data to build a case for change.",
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      "kind": "callout",
      "text": "Around 80% supported a monetization or partial monetization of the OLC stake to release capital that can be utilized by Keisei.",
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      "text": "Around 80% supported a monetization or partial monetization of the OLC stake; Around 75% agreed it is problematic that latent value is not utilized; Around 75% thought it is more important to improve core businesses than remain largest OLC shareholder.",
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      "kind": "paragraph",
      "text": "value and growth potential. The 10% share price fall following the OLC stake disposal announcement in early March confirms that other Keisei shareholders agree with us.",
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      "kind": "paragraph",
      "text": "The underwhelmed nature of the Company's recent share buy-back and 1% OLC stake reduction initiatives... have convinced us that broader stakeholder engagement and action are urgently needed.",
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      "kind": "paragraph",
      "text": "The Board’s lacklustre approach to date is, we hope, to be contrasted with a more ambitious strategy that we would like to see foreshadowed in the Company’s D2 plan.",
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      "kind": "title",
      "text": "Broadening the debate – giving all shareholders a voice",
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      "kind": "title",
      "text": "Resounding support for overdue change from Keisei’s customers too",
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