Risk of Share Dilution from the Exercise of Stock Acquisition Rights
First written in FY2024. 5 of 6 entries say "Materialised", first in FY2025-H1. Latest entry: FY2026-H1.
Rigaku Holdings moved to the "Worse" side of this theme in 2025, 5 years after the typical company in this theme (2020).
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
69 other companies' latest entry also says "Materialised".
- FY2026-H1MaterialisedAnnual report
「As of the end of June 2026, the maximum number of dilutive potential common shares that may be newly issued in the future under these medium-term incentive plans was 1,949,202. Even if all dilutive potential common shares were newly issued, the dilution ratio based on the Company’s total issued shares of 226,516,100 as of the end of June 2026 would be only 0.86%, and we believe the impact of dilution would be limited.」
The disclosure states that the maximum number of future dilutive potential common shares under the medium-term incentive plans is 1,949,202, and that dilution would be 0.86% if all were issued. In the first half of 2026, issued shares also increased by 425,600 through the exercise of stock acquisition rights. - FY2025MaterialisedAnnual report
「As of the end of December 2025, 25,532 stock acquisition rights had been exercised, increasing issued shares by 5,106,400. Based on the Company’s total issued shares of 230,375,000 as of the end of December 2025, the dilution ratio was 2.21%, and the impact of dilution was limited.」
In fiscal 2025, stock acquisition rights equivalent to 5,106,400 shares were exercised, increasing issued shares. Including the exercised rights, the dilution ratio was 2.21%; the additional dilution ratio if all outstanding rights were exercised was 1.0%. - FY2025-H1MaterialisedAnnual report
「The increase resulted from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights increased the number of shares by 4,087,800 in the first half of 2025, and increased stated capital and capital surplus by ¥528 million each. Diluted interim earnings per share was ¥16.40, and 4,307,065 dilutive potential common shares were disclosed. - FY2024First statedAnnual report
「Even if all stock acquisition rights are exercised, the dilution ratio would remain at 2.4%, and we believe the impact of dilution would be limited.」
The Group identifies potential dilution from the exercise of stock acquisition rights held by directors, executive officers and others, explaining that the dilution ratio would be 2.4% if all rights were exercised.