ValueAct Capital Activist Presentation Deck
Seven & i's History of Unsatisfactory Response to Shareholders
Investors have repeatedly expressed similar feedback on strategy and performance; management has not
provided strategic clarity or responded with real action, instead deflecting criticism with performative dialogue
Abrdn (Aberdeen Standard Investments)
Votes Against Directors "All directors
should be responsible on company's poor
performance of the speed of restructuring. abrdn
We think the board's actions are not
reflective of good governance and they
should be responsible." Source
2015
THIRD POINT
Third Point requests that the Company
sell its underperforming operations
(namely Ito-Yokado). Source
FRANKLIN TEMPLETON
INVESTMENTS
2019
TOKIO MARINE
ASSET MGT
THIRD AVENUE
MANAGEMENT
Franklin Templeton "...depressed valuations seem
to indicate the market is ignoring the firm's strong
overseas operations, defensive domestic business,
underleveraged balance sheet and continued scope
for restructuring progress." Source
Tokio Marine Voted against
the re-election of President
0
Abrdn "We exited Seven
Ryuichi Isaka and Katsuhiro abrdo & i due to slow progress
Goto. Source
on
restructuring
non-
performing businesses in
spite of our continued
engagement." Source
2020
2021
Third Avenue Management "Finally, it
is our view that if the U.S. 7-Eleven
business were to be valued
independently at a multiple similar to
publicly-listed comparable companies,
the undervaluation of Seven & I would
become glaringly clear." Source
2022
A ARTISAN PARTNERS
Artisan Partners "address
the distinct differences
between the
company's
valuable convenience store
assets and the company's
other retail businesses."
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