Item 8 – Election of directors
In our view, the Board should to a greater extent both contribute to create value for shareholders and take minority shareholders’ interests into account. Therefore, we will vote against the board members standing for election.
Item 14 – Board authorization to acquire shares
Share repurchases can be a good supplement to dividends. Treasure is, however, an extremely illiquid share with limited trading volumes in the market and inefficient pricing. Given these share discount levels, repurchases favor investors who do not sell their shares. We maintain therefore that repurchases are a poor alternative to dividends, as the latter would treat all shareholders equally. Moreover, share repurchases further reduce liquidity.
Item 15 – Authorization to increase share capital
The share trades at a significant discount to the underlying assets and share issuances at these levels would have an unfortunate dilutive effect on existing shareholders.
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