Worth reading
55In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
74
Million NZ dollars (approximately ¥6.6 billion)Wording
Conditional
How definitive the wording is.This transaction
This investmentCounterpartyLightyears Energy Limited
Disclosing companyOBAYASHI CORPORATION
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.The percentage before the change is not stated in this document.
TimelineThe spacing between the points is proportional to the actual number of days.White points represent dates designated as scheduled dates in the document.
Execution Date / Effective DatePhased investment is planned after execution of the agreement through fiscal 2027.
Target company
Asset-holding company that owns and oversees each solar power generation business
Location Auckland, New ZealandShare capital NZ$82 million (approximately ¥7.3 billion) (planned)Date of incorporation 27 July 2026
Consideration and expenses
Acquisition priceNZ$74 million (approximately ¥6.6 billion). The acquisition price of the LYOC1 shares is NZ$1, but this figure represents the Company's investment after completion of the transaction, including phased investments after the acquisition.
Funding arrangementsTo be carried out through a capital increase by OCEI and an investment in OCEINZ1
Impact on Business Performance
The impact on consolidated results for the fiscal year ending March 2027 is currently under review.
Procedures and assumptions
Conditions Precedent to ExecutionFulfilment of conditions precedent, including approvals by administrative authorities, stipulated in the agreement between the Company and Lightyears for execution of the transaction
Management structure after acquisitionEstablish a single New Zealand intermediate holding company, OCEINZ1, which will hold 90% of the shares of LYOC1. After the share acquisition, 3 directors from our company are expected to be appointed. Employee treatment: not disclosed
| Item | Details |
|---|---|
| Transaction name | This investment |
| Counterparty name | Lightyears Energy Limited |
| Name of the Subject Company | LYOC1 Limited |
| Business Description of the Subject Company | Asset-holding company that owns and oversees each solar power generation business |
| Location of the Subject Company | Auckland, New Zealand |
| Capital Stock of the Subject Company | NZ$82 million (approximately ¥7.3 billion) (planned) |
| Date of Establishment of the Subject Company | 27 July 2026 |
| Acquisition price | NZ$74 million (approximately ¥6.6 billion). The acquisition price of the LYOC1 shares is NZ$1, but this figure represents the Company's investment after completion of the transaction, including phased investments after the acquisition. |
| Number of shares acquired | 90% (the number of shares and voting rights is Not disclosed) |
| Voting rights ownership percentage | After 90％ (before not disclosed) |
| Funding arrangements | To be carried out through a capital increase by OCEI and an investment in OCEINZ1 |
| Impact on Business Performance | The impact on consolidated results for the fiscal year ending March 2027 is currently under review. |
| Date of board resolution | 22 October 2026 |
| Contract Date | 30 November 2026 (予定) |
| Execution Date / Effective Date | Phased investment is planned after execution of the agreement through fiscal 2027. |
| Conditions Precedent to Execution | Fulfilment of conditions precedent, including approvals by administrative authorities, stipulated in the agreement between the Company and Lightyears for execution of the transaction |
| Management structure after acquisition | Establish a single New Zealand intermediate holding company, OCEINZ1, which will hold 90% of the shares of LYOC1. After the share acquisition, 3 directors from our company are expected to be appointed. Employee treatment: not disclosed |
Items this document does not state (15)
Net Sales of the Subject CompanyOperating Profit of the Subject CompanyNet Income of the Subject CompanyNet Assets of the Subject CompanyExpenses other than the acquisition priceType of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodGoodwill amountAmount of extraordinary income (loss)Valuation methodologyIndependent valuation institutionSpecial Committee
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.New Zealand's solar power generation market is expected to grow, creating an opportunity to enter the market. The Company also aims to diversify and strengthen its business base in the country and achieve future growth and an early contribution to earnings by leveraging Lightyears' development, construction and operating capabilities.
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