Dilution of Per-Share Value from Stock Option Exercises
First written in FY2017. 9 of 20 entries say "Worsened", first in FY2018-Q3. Latest entry: FY2027-H1.
Eat&Holdings moved to the "Worse" side of this theme in 2017, 3 years before the typical company in this theme (2020).
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
32 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「The total number of shares underlying these Stock Acquisition Rights is 1,495,500 shares, representing 13.17% of the 11,358,580 issued common shares as of 28 February 2026.」
It disclosed new potential dilution equivalent to a maximum of 1,495,500 shares, or 13.17% of issued shares, through the issuance of the Ninth Series of Stock Acquisition Rights with an exercise-price adjustment clause. - FY2026MitigatedAnnual report
「Number of stock acquisition rights (units) ※ 83 [77] (Note 1) Class, details and number of shares underlying the stock acquisition rights (shares) ※ Common shares 8,300 [7,700] (Note 1)」
The seventh series of stock acquisition rights declined from 8,600 shares at the end of the previous fiscal year to 8,300 shares due to expirations. - FY2025MitigatedAnnual report
「June 2021 Seventh series of stock acquisition rights Number of stock acquisition rights (units) 86 Class, details and number of shares underlying the stock acquisition rights (shares) Common shares 8,600」
The unexercised balance of the seventh series of stock acquisition rights declined by 800 shares from 9,400 at the end of the previous consolidated fiscal year to 8,600 shares. - FY2024MitigatedAnnual report
「Before vesting (shares) At end of previous consolidated fiscal year 50,900 Expired 50,900 After vesting (shares) At end of previous consolidated fiscal year 20,600 Exercised 10,800 Expired 400 Unexercised balance 9,400」
Of the seventh series of stock acquisition rights, 50,900 shares not yet vested expired, while the unexercised balance after vesting also declined to 9,400 shares; 10,800 shares were exercised. - FY2024-Q3WorsenedAnnual report
「Number of the relevant stock acquisition rights with exercise price adjustment clauses, etc., exercised during the quarter 5,100 units Number of shares delivered upon exercise during the quarter 510,000 shares Cumulative number of the relevant stock acquisition rights with exercise price adjustment clauses, etc., exercised as of the end of the quarter 11,400 units Cumulative number of shares delivered in connection with exercises of the relevant stock acquisition rights with exercise price adjustment clauses, etc., as of the end of the quarter 1,140,000 shares」
Through the exercise of the eighth series of stock acquisition rights with an exercise price adjustment clause, 510,000 shares were delivered during the third quarter, bringing cumulative shares delivered to 1,140,000. Additional potential dilution of share value is progressing as actual share issuance. - FY2024-Q2MaterialisedAnnual report
「Number of the relevant stock acquisition rights with exercise price adjustment clauses, etc., exercised during the second quarter 4,900 units Number of shares delivered upon exercise during the second quarter 490,000 shares Funds raised through exercises during the second quarter ¥967 million Cumulative number of the relevant stock acquisition rights with exercise price adjustment clauses, etc., exercised as of the end of the second quarter 6,300 units Cumulative number of shares delivered in connection with exercises of the relevant stock acquisition rights with exercise price adjustment clauses, etc., as of the end of the second quarter 630,000 shares Cumulative funds raised through exercises of the relevant stock acquisition rights with exercise price adjustment clauses, etc., as of the end of the second quarter ¥1,253 million」
Through the exercise of the eighth series of stock acquisition rights with an exercise price adjustment clause, 490,000 shares were delivered during the second quarter, bringing cumulative shares delivered to 630,000. The potential dilution of share value is progressing as actual share issuance. - FY2024-Q1WorsenedAnnual report
「Class, details and number of shares underlying the stock acquisition rights (shares) ※ Common shares 1,140,000 (Note 1)」
The Company issued the eighth series of stock acquisition rights with an exercise price adjustment clause, creating new potential dilution involving 1,140,000 common shares. During the first quarter, 1,400 units were exercised and 140,000 shares were delivered. - FY2023MitigatedAnnual report
「Number of stock acquisition rights (units) ※ 715 [700] (Note 1) Class, details and number of shares underlying the stock acquisition rights (shares) ※ Common shares 71,500 [70,000] (Note 1)」
The number of shares underlying the seventh series of stock acquisition rights declined from 74,500 at the end of the previous consolidated fiscal year to 71,500, with 3,000 shares expiring during the year. - FY2023-Q1MitigatedAnnual report
「1. Details of the stock option plan: Not applicable. 2. Status of other subscription rights: Not applicable.」
The current quarterly report states that there are no applicable stock option plans or other stock acquisition rights, indicating a reduction in the disclosed exposure relating to the stock acquisition rights disclosed previously. - FY2022WorsenedAnnual report
「Number of stock acquisition rights 745 Class, details and number of shares underlying the stock acquisition rights Common shares 74,500」
The outstanding balance of the seventh series of stock acquisition rights after expirations was 74,500 shares, representing newly disclosed potential dilution. The exercise period runs from 1 June 2022 to 8 July 2026. - FY2022-Q1WorsenedAnnual report
「At a meeting of the Board of Directors held on 22 June 2021, the Company resolved, pursuant to Articles 236, 238 and 240 of the Companies Act, to issue stock acquisition rights to the Company’s directors and employees and the directors and employees of its subsidiaries as set out below. Seventh series of stock acquisition rights 5. Class and number of shares underlying the stock acquisition rights Common shares 76,000 shares (100 shares per stock acquisition right)」
The Company resolved to issue the seventh series of stock acquisition rights, creating new potential dilution involving 76,000 common shares. - FY2021-Q4MitigatedAnnual report
「1. Details of the stock option plan: Not applicable. 2. Status of other subscription rights: Not applicable.」
For the stock acquisition rights previously disclosed as representing 77,000 potential shares, the latest disclosure states that neither stock options nor other stock acquisition rights are applicable, and that stock acquisition rights on the balance sheet are also zero. The disclosed dilution exposure has decreased. - FY2019WorsenedAnnual report
「Accordingly, if the stock acquisition rights currently granted to directors, executive officers and employees are exercised, the value of the shares held could be diluted. As of 31 May 2019, the number of potential shares represented by stock acquisition rights was 77,000, equivalent to 0.8% of the total number of shares issued, 10,158,190.」
The potential shares as of the end of May 2019 were stated as 77,000, or 0.8% of the total number of shares issued. The potential share overhang has increased following the previous disclosure of 0.2%. - FY2019-Q3MaterialisedAnnual report
「1 July 2018–30 September 2018 (Note 3) 6,000 10,158,190 1,662 2,016,378 1,662 1,948,814 (Note) 3. Exercise of stock acquisition rights」
During the second quarter, 6,000 shares were issued through the exercise of stock acquisition rights, causing additional potential dilution to materialise as an actual increase in the number of shares. - FY2019-Q2MaterialisedAnnual report
「Exercise of stock acquisition rights 73,800 shares」
During the first quarter, 73,800 shares were issued through the exercise of stock acquisition rights, causing the previously potential dilution of share value to materialise as an actual increase in the number of shares. - FY2018Update to disclosure of potential sharesAnnual report
「As of 31 May 2018, the number of potential shares represented by stock acquisition rights was 16,600, equivalent to 0.2% of the total number of shares issued, 8,934,490.」
The number of potential shares before the filing date is stated as 16,600, or 0.2% of the total number of shares issued. The 77,000 shares underlying the sixth series of stock acquisition rights issued in October 2017 were disclosed separately, with the exercise period beginning in July 2019. - FY2018-Q3WorsenedAnnual report
「At a meeting of the Board of Directors held on 17 October 2017, the Company resolved, pursuant to Articles 236, 238 and 240 of the Companies Act, to issue stock acquisition rights to the Company’s directors and employees and the directors of its subsidiaries as set out below, and issued them on 1 November 2017. Number of stock acquisition rights issued 385 Shares underlying the stock acquisition rights 38,500 common shares (100 shares per stock acquisition right)」
The Company issued stock acquisition rights for 38,500 common shares to be granted to directors, employees and others. The disclosure describes additional potential dilution on top of the existing potential shares. - FY2017First statedAnnual report
「Accordingly, if the stock acquisition rights currently granted to directors, executive officers and employees are exercised, the value of the shares held could be diluted. As of the date of filing this document, the number of potential shares represented by stock acquisition rights was 40,700, equivalent to 0.9% of the total number of shares issued, 4,435,245.」
The dilution of share value resulting from the exercise of stock acquisition rights is disclosed as a risk for the first time, quantified as 40,700 potential shares, or 0.9% of the total number of shares issued.