Worth reading
26Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
4400000
Share consolidation into 1 share for every [unspecified number] sharesWording
Conditional
How definitive the wording is.Details of issuance or disposal
Share Consolidation
発行・処分する株式数
Consolidation of 4,400,000 common shares into 1 share
Offering structure
Major shareholders after the offering
Expected to consist only of the tender offeror and ALSOK (ownership ratio: Not disclosed)
Procedures under the Corporate Code of Conduct
Establishment of an independent special committee and receipt of its opinion, receipt of a share valuation report from an independent third-party valuation institution, advice from independent legal and financial advisers, approval by all directors without conflicts of interest and an opinion from all audit and supervisory board members that they have no objection, securing an opportunity for other purchasers to make an offer, and setting a minimum number of shares to be purchased that satisfies the majority-of-minority requirement
Effective date of the consolidation
16 September 2026 (scheduled)
Treatment of fractional shares
The fractional shares are expected to be sold to the tender offeror, with cash to be paid based on ¥3,730 per share, the same as the tender offer price
Delisting date
14 September 2026 (scheduled)
Share unit
Expected to be abolished (16 September 2026)
| Item | Details |
|---|---|
| Type of issuance or disposal | Share Consolidation |
| Number of shares to be issued or disposed of | Consolidation of 4,400,000 common shares into 1 share |
| Total number of issued shares | 26,808,464 shares (after cancellation of treasury shares and before the consolidation) → 6 shares (after the consolidation) |
| Procedures under the Corporate Code of Conduct | Establishment of an independent special committee and receipt of its opinion, receipt of a share valuation report from an independent third-party valuation institution, advice from independent legal and financial advisers, approval by all directors without conflicts of interest and an opinion from all audit and supervisory board members that they have no objection, securing an opportunity for other purchasers to make an offer, and setting a minimum number of shares to be purchased that satisfies the majority-of-minority requirement |
| Major shareholders after the offering | Expected to consist only of the tender offeror and ALSOK (ownership ratio: Not disclosed) |
| Effective date of the consolidation | 16 September 2026 (scheduled) |
| Treatment of fractional shares | The fractional shares are expected to be sold to the tender offeror, with cash to be paid based on ¥3,730 per share, the same as the tender offer price |
| Delisting date | 14 September 2026 (scheduled) |
| Share unit | Expected to be abolished (16 September 2026) |
Items this document does not state (23)
Issue price and disposal priceTotal issue valueAmount of funds to be raisedEstimated issuance expensesSpecific use of fundsPayment dateIntended allotteeIntended allottee's holding policyDilution RateBasis for determining the amount to be paidExercise priceExercise periodNumber of Stock Acquisition RightsTransfer restriction periodConditions for lifting transfer restrictionsReason for acquisition without considerationCategories and Number of Persons CoveredTotal Stock-Based CompensationUnderwriter / lead underwriterOverallotmentStock Split RatioMost recent equity financingImpact on Business Performance
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.To carry out the procedures for making the Company a wholly owned subsidiary and squeezing out minority shareholders by reducing the shares held by shareholders other than the tender offeror and ALSOK to fractions of less than 1 share, leaving the tender offeror and ALSOK as the Company's only shareholders. The share unit system will also be abolished because the total number of issued shares will become 6 and there will no longer be a need to specify a share unit.
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