エンゲージメント活動 / Engagement Activities
1935 株式会社 TTK
1. 概略 / Summary
同社は、売上規模300億円強の中堅電気通信工事業者で、地盤とする東北地区では最大手です。売上の約60％がＮＴＴ関連工事となっていることが特長で、地域に根差した事業基盤や信頼性の高い施工能力が窺い知れます。財務面では、無借金経営であり、利益剰余金は100億円を超え、厚い内部留保が積み上がっている状況にあります。
「経営陣はＮＴＴ出身者で固められており、社外取締役は地元金融機関ＯＢ１名、大学教授１名という構成です。」
優秀な人材や厚い内部留保など十分な経営資源あることから、戦略的で中長期的な成長戦略、資本効率の向上、社外取締役増員によるコーポレートガバナンス強化などに取り組むことで、大幅な株主価値向上が見込めるものと考えております。
(2017年6月29日時点)
TTK Co., Ltd. (“TTK”) is a medium-sized telecommunications contractor with annual sales of over 30 billion yen. It is the largest telecommunications contractor among those based in the North East (Tohoku) area of Japan. One of the characteristics of TTK is that about 60% of its sales comes from NTT related constructions. TTK’s strong business network in its base region of North East (Tohoku) and its highly reliable construction capabilities are readily apparent. In terms of finance, TTK has no debt, has retained earnings exceeding 10 billion yen, and has a huge amount of accumulated internal reserves.
The management team mainly consists of ex-employees of NTT. TTK currently only has two outside directors; one of them used to be a director of a local regional bank and the other one is a professor.
We believe that with TTK’s management expertise, high-calibre employees and large financial internal reserves, the company is well positioned to embark on medium- to long-term growth strategies. TTK should also strive to improve its capital efficiency and strengthen its corporate governance practices (for example by increasing the number of outside directors). Implementing the above will greatly boost TTK’s value for all shareholders.
(As of June 29, 2017)
2. 過去の活動 / Historical Activities
| 日時 Date | エンゲージメント活動 Engagement History | 送付書面等 Letters and Others |
|---|---|---|
| 2016年10月 Oct 2016 | TTK本社にて面談(1回目) 1st meeting at TTK’s head office | |
| 2016年11月 Nov 2016 | 東京にて面談(2回目) 2nd meeting in Tokyo | |
| 2016年11月 Nov 2016 | ASMより書面（1通目）送付 企業価値向上の為、主に下記の３点につき協力を申し出ました。 1. 事業成長 2. 資本効率性の改善 3. コーポレートガバナンスの向上 1st letter from ASM ASM raised the following three points (“Three Points”) to improve TTK’s corporate value: 1. Business growth 2. Improvement of capital efficiency 3. Improvement of corporate governance ASM offered to help TTK with its business growth. | 1st Letter 1st Letter (抄訳) |
| 2017年1月 Jan 2017 | TTK本社にて面談(3回目) 3rd meeting at TTK’s head office | |
| 2017年2月 Feb 2017 | ASMより書面（2通目）送付 上記３点について議論を深める為の呼びかけを致しました。 2nd letter from ASM ASM pressed TTK to consider the above Three Points and sought deeper engagement with TTK. | 2nd Letter 2nd Letter (抄訳) |
| 2017年3月 Mar 2017 | TTK本社にて面談(4回目) 4th meeting at TTK’s head office | |
| 2017年3月 Mar 2017 | ASMより書面（3通目）送付 上記３点のうち(1)(2)について、同業他社の成長戦略の事例、資本効率改善の事例を示して、再度協力の申し出を行いました。 3rd letter from ASM Regarding point 1 of the above Three Points, ASM offered help by suggesting growth strategies and offered to cooperate and collaborate with TTK. Regarding point 2 of the above Three Points, ASM researched the capital efficiency of other companies in the same industry as TTK and shared the findings. | 3rd Letter 3rd Letter (抄訳) |
| 2017年4月 Apr 2017 | ASMより書面（4通目）送付 上記３点のうち(3)について、社外取締役の強化について提案を行いました。 4th letter from ASM Regarding point 3 of the above Three Points, ASM proposed appointing more independent non-executive directors. | 4th Letter 4th Letter (抄訳) |
| 2017年4月 Apr 2017 | TTK社は、TTK取締役会に対し、取締役の任命と解任、取締役会の構成、取締役会の独立性と客観性、取締役会の承継計画等について助言する指名諮問委員会を設立しました。ASMは我々の要請に応えて頂いたものと考えております。 ASM believes that TTK reacted to ASM’s engagement by establishing a nominating advisory committee to advise the Board of TTK on the appointment and dismissal of directors, the composition of the Board, the independence and objectivity of the Board and the succession planning of the Board. | |
| 2017年5月 May 2017 | ASMは、TTK社の近時の反応を高く評価しました。一方でASMは、持続的な企業成長向けた建設的な対話を増やすことを強く主張しました。 5th letter from ASM ASM thanked TTK for establishing a nominating advisory committee as this is a good step forward for TTK’s corporate governance. ASM emphasized the need for constructive dialogue with all shareholders for sustainable corporate growth. | 5th Letter 5th Letter (抄訳) |
| 2017年5月 May 2017 | TTK社は、新たな事業分野を開拓することと特別配当を行うこととしましたが、ASMは我々の要請に応えて頂いたものと考えております。 ASM believes that TTK reacted to ASM’s engagement by publishing a new business plan and proposing payment of a special dividend. | |
| 2017年5月 May 2017 | ASMより書面（6通目）送付 ASMは、TTKが資本効率を改善するための措置をとったことを高く評価しました。ASMは、コーポレート・ガバナンスと資本効率に関する懸案事項に対処するため、TTKに対し2017年の年次総会で4つの決議を提案するよう依頼しました。 6th letter from ASM ASM thanked TTK for taking steps to improve its capital efficiency. ASM requested TTK to propose four resolutions at the upcoming 2017 annual general meeting to address corporate governance and capital efficiency concerns. | 6th Letter 6th Letter (抄訳) |
| 2017年6月 Jun 2017 | ASMより書面（7通目）送付 ASMは、2017年6月29日開催の定時株主総会へ代理人も出席させて頂きたい旨TTKに願い出ました。またASMはTTKの取締役会へ社外取締役（候補）１名を新たに任命することを高く評価しました。 7th letter from ASM ASM sought TTK approval to allow ASM to appoint proxies to attend TTK's upcoming AGM on 29 Jun 2017. In additional, ASM thanked TTK to appoint another independent director to TTK's board. | 7th Letter 7th Letter (抄訳) |
| 2017年9月 Sep 2017 | TTK本社にて面談(5回目) 5th meeting at TTK’s head office | |
| 2017年9月 Sep 2017 | ASMより書面（8通目）送付 ASMは、説明責任を向上させる為に、進捗状況を測定できる目標を備えた、より明確な事業計画を策定するようTTKに提言しました。 ASMは、TTKがアジアの新興市場へ進出する場合は、TTKへサポートを行うと再度申し出ました。 ASMは、TTKの非効率的な資本構成と取締役会のダイバーシティ（多様性）の欠如は改善されるべきである、と強調しました。 8th letter from ASM ASM urged TTK to establish a well-defined business plan with measurable goals for better accountability. ASM reiterated the offer to support to TTK should they decide to expand to the emerging markets in Asia. ASM highlighted that TTK’s inefficient capital structure and lack of diversity on its board should be addressed. | 8th Letter 8th Letter (抄訳) |
| 2017年10月 Oct 2017 | 9th letter from ASM ASM reiterated three recommendations to help improve TTK's corporate value: 1. Improve TTK’s capital structure either by distributing or deploying idle capital. 2. Appoint an independent director without links to NTT. 3. Set clear milestones and defined goals for better shareholder accountability. ASM enquired on the necessity of proposing a shareholders resolution. | 9th Letter |
| 2018年4月 Apr 2017 | 10th letter from ASM ASM shared research findings on the challenges TTK faced in its key market and urged management to consider ASM’s prior recommendations. ASM offered to share its Asian network with TTK and to introduce TTK to a list of its partners for overseas expansion and collaboration. | 10th Letter |
| 2018年4月 Apr 2017 | ASM believes that TTK reacted positively to ASM’s engagement and has decided to find a partner to take it to the next stage of development. TTK supported MIRAIT Holdings Corporate (1417.JP) acquisition of all of TTK shares at a 29% theoretical premium to market price by entering into a Share Exchange Agreement. | Announcement |
| 2018年5月 May 2017 | 11th letter from ASM ASM applauds TTK's board and senior management for their unwavering commitment to create shareholder value. ASM remains committed to help but will allow the board and management to focus their resources on integration as that is a priority. ASM is ready to help when needed. | 11th Letter |