Palliser Capital urged Samsung Electronics to issue U.S. depositary receipts
(ADRs) at a premium and use proceeds to repurchase and cancel non‑voting
preferred shares. Palliser founder and CIO James Smith said the preferreds'
discount is a neglected corporate‑governance and capital‑allocation distortion
and that addressing it would boost capital efficiency, unlock cross‑class value
and strengthen credibility of Korea's market reforms. Samsung's preferreds trade
at more than a 20% discount to ordinary stock in Korea. The gap has returned to
focus since Samsung's record shareholder‑return plan in August, but any
repurchase details remain under board discussion.
