April 23, 2018 / 9:57 AM / a month ago

BRIEF-Elliott Advisors (HK) Unveils "Accelerate Hyundai" Proposals, Releases Letter To Hyundai Motor Group Board

April 23 (Reuters) - Elliott Advisors (HK) Limited:

* SAYS UNVEILED “ACCELERATE HYUNDAI” PROPOSALS, RELEASED LETTER TO BOARD OF HYUNDAI MOTOR GROUP

* SAYS SENDS LETTER TO BOARD OF DIRECTORS OF HYUNDAI MOTOR GROUP

* SAYS PROPOSES TO HYUNDAI MOTOR TO REVIEW OF KIA’S STAKE IN MOBIS AND / OR GLOVIS AT FAIR VALUE

* SAYS PROPOSAL INCLUDES STREAMLINED HOLDING CO STRUCTURE TO RESOLVE CURRENT COMPLEX SHAREHOLDING STRUCTURE BY COMBINING MOBIS WITH HMC

* SAYS PROPOSES TO HYUNDAI MOTOR TO CANCEL ALL EXISTING AND FUTURE TREASURY SHARES

* SAYS PROPOSES TO HYUNDAI MOTOR TO REDUCE EXCESS CASH ON BALANCE SHEET AT MOBIS AND HMC

* SAYS HYUNDAI PROPOSALS INCLUDE “CLEARLY COMMUNICATED” DIVIDEND POLICY IMPROVING PAYOUT RATIO TO 40-50% AS PERCENT OF NET INCOME

* SAYS PROPOSES TO HYUNDAI MOTOR AN ADDITION OF THREE INDEPENDENT BOARD MEMBERS

* SAYS ITS HYUNDAI PROPOSALS INCLUDES “IMPROVEMENTS TO THE CURRENT HMG RESTRUCTURING PLAN”

* SAYS HYUNDAI PROPOSALS INCLUDE IMPROVING NON-EXECUTIVE TO EXECUTIVE DIRECTORS RATIO, ESTABLISHING DIRECTOR ELIGIBILITY REQUIREMENTS

* SAYS HYUNDAI PROPOSALS INCLUDE THAT NUMBER OF OUTSIDE DIRECTORS IS 3 AT MINIMUM, EXCEEDS NUMBER OF INSIDE DIRECTORS BY 2 IN ANY CASE Source text for Eikon: Further company coverage:

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