Debt-to-Equity Conversion through the Issuance of Class A Preferred Shares
First written in FY2018-Q2. 2 of 5 entries say "Advanced", first in FY2020-Q1. Latest entry: FY2024-Q2.
2 other companies' latest entry also says "Achieved".
- FY2024-Q2AchievedAnnual report
「1 July 2023–30 September 2023 Common shares 0 Class A preferred shares △28 Common shares 29,644,432 Class A preferred shares — — 4,577 — 3,787 (Note) This resulted from the acquisition and cancellation of all Class A preferred shares effective 31 August 2023, pursuant to a resolution of the Board of Directors held on 10 August 2023.」
The share count changes confirm that all 28 Class A preferred shares were acquired and cancelled effective 31 August 2023. - FY2024-Q1AdvancedAnnual report
「At a meeting of the Board of Directors held on 10 August 2023, the Company resolved, pursuant to Article 12-2 of its Articles of Incorporation, to acquire all of the Class A preferred shares (the "Preferred Shares") and, pursuant to Article 178 of the Companies Act, to cancel the Preferred Shares. The Company decided to acquire and cancel all of the Preferred Shares to reduce the burden of paying preferred dividends and improve capital efficiency. Total number of shares to be acquired: 28 shares (100% of total issued Class A preferred shares) Total acquisition price of shares: ¥2,823 million Scheduled acquisition date: 31 August 2023」
The Company resolved to acquire all 28 Class A preferred shares issued through the debt-to-equity conversion for a total of ¥2,823 million and cancel them on 31 August 2023. The purpose was to reduce the preferred dividend burden and improve capital efficiency, giving concrete form to the restructuring of the capital structure involving the preferred shares. - FY2020-Q1AdvancedAnnual report
「Following a change in the terms of the Class A preferred shares pursuant to a resolution at the annual general meeting of shareholders held on 26 June 2019 and a deemed resolution at the general meeting of holders of Class A preferred shares under the resolution applied mutatis mutandis pursuant to Article 325 and paragraph 1 thereof of the Companies Act, the ¥2,800 million face value of the Class A preferred shares was reclassified from liabilities to equity at the end of the first quarter of the current consolidated fiscal year. As a result, substantial changes arose in both liabilities and equity when compared with the end of the previous consolidated fiscal year.」
The terms of the Class A preferred shares were changed, and their ¥2,800 million face value was reclassified from liabilities to equity. - FY2018-Q3RestatedAnnual report
「The issuance of 28 Class A preferred shares pursuant to a resolution at the extraordinary general meeting of shareholders held on 27 September 2017 increased capital and capital surplus by ¥1,400 million each. During the nine months ended the third quarter of the current consolidated fiscal year, the exercise of stock acquisition rights also increased capital and capital surplus by ¥119.488 million each.」
The increase of ¥1.4 billion each in capital and capital surplus from the issuance of 28 Class A preferred shares and the increase of ¥119.488 million each from the exercise of stock acquisition rights were reconfirmed. - FY2018-Q2First statedAnnual report
「The issuance of 28 Class A preferred shares pursuant to a resolution at the extraordinary shareholders’ meeting held on 27 September 2017 increased capital stock and capital surplus by ¥1,400 million each. Because the Class A preferred shares were issued as consideration for the in-kind contribution of the ¥2,800 million total amount of the Company’s Fifth Series unsecured bonds allocated to 株式会社ブロードピーク, constituting a debt-to-equity conversion, no cash payment was made.」
On 27 September 2017, the Company issued 28 Class A preferred shares, increasing capital stock and capital surplus by ¥1,400 million each. The transaction converted ¥2,800 million of Fifth Series unsecured bonds issued to 株式会社ブロードピーク into equity, with no cash payment.