Worth reading
80Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
18.78
Dilution rate relative to the total number of voting rights (%)Wording
Conditional
How definitive the wording is.Details of issuance or disposal
Issuance of Series 1 and Series 2 stock acquisition rights (fixed exercise price type) through a third-party allotment using treasury shares
Who receives how much
Underlying shares: 200,000 shares for the First Stock Acquisition Rights and 200,000 shares for the Second Stock Acquisition Rights (400,000 treasury shares are scheduled to be used upon exercise).
CVI Investments, Inc.Underlying shares: 200,000 shares for the First Stock Acquisition Rights and 200,000 shares for the Second Stock Acquisition Rights
The lower thin line represents the existing number of shares to which these shares will be added.
¥1,077 per First Stock Acquisition Right and ¥587 per Second Stock Acquisition Right
Total issue value
¥3,328,000
Amount of funds to be raised
Total subscription payment: ¥903,328,000; estimated net proceeds: ¥868,988,000
Estimated issuance expenses
¥34,340,000
Specific use of funds
Real estate development and capital investment funding for the rental and warehousing business (funding for the construction of the logistics facility and development of related infrastructure for the Nishiki-cho, Kaizuka City project)Amount ¥381 million / Scheduled timing of expenditures December 2026 to August 2028
Real estate development and capital investment funding for the rental and warehousing business (funding for the construction of the logistics facility and development of related infrastructure for the Nishiki-cho, Kaizuka City project)Amount ¥487 million / Scheduled timing of expenditures December 2026 to August 2028
発行済株式総数
18.78% (ratio to the total of 21,303 voting rights; equivalent to 13.79% of the total number of issued shares)
The dilution rate shows what proportion the newly issued shares represent of the existing shares. The higher the proportion, the more the value and voting rights per share are diluted.
Terms of the stock acquisition rights
Exercise price
¥2,000 for the First and ¥2,500 for the Second. The prices are fixed, with no adjustment linked to the market share price. However, adjustment provisions apply in the event of a share split, issuance of new shares, special dividends or similar events. Floor: Not disclosed.
Exercise period
From 2 November 2026 to 1 November 2032
Number of Stock Acquisition Rights
Total of 4,000 Stock Acquisition Rights (2,000 First and 2,000 Second). The number of unexercised rights remaining: Not disclosed.
Reason for acquisition without consideration
On 1 November 2032, the Company will acquire and cancel all remaining Stock Acquisition Rights at an amount per right equal to the subscription payment.
Conditions on transfer restrictions
Restricted stock is stock awarded as compensation that cannot be sold during a specified period, with the restrictions lifted once the applicable conditions are met.
Transfer restriction period
From the date the Stock Acquisition Rights purchase agreement is executed until the holder ceases to hold the Stock Acquisition Rights, any transfer to a third party requires the Company's prior consent.
Conditions for lifting transfer restrictions
The Company's prior written consent. However, such consent may not be unreasonably withheld or delayed.
Offering structure
Major shareholders after the offering
Because the proposed allottee has not contractually or otherwise committed to a long-term holding, no information is provided on the status following the allotment.
Intended allottee's holding policy
The rights will be acquired for investment purposes, and the shares acquired will be sold from time to time through market sales or other means, taking market conditions into account. The holder generally intends to exercise the Stock Acquisition Rights itself and does not intend to transfer them to a third party.
Payment date
30 October 2026
Basis for determining the amount to be paid
The issue price was determined at the same amount as the valuation calculated by an independent valuation agency using the Monte Carlo method, based on the closing price of ¥1,467 per share on 13 October 2026 and 17.87% volatility based on daily share prices over the past 6.06 years, among other factors. The exercise prices are approximately 136% and 170% of the closing price for the First and Second Stock Acquisition Rights, respectively.
Procedures under the Corporate Code of Conduct
Because the dilution rate is below 25% and there will be no change in the controlling shareholder, it is not necessary to obtain an opinion from an independent third party or conduct a procedure to confirm shareholders' intentions.
Impact on Business Performance
At this time, there is no impact on the current fiscal year's results.
| Item | Details |
|---|---|
| Type of issuance or disposal | Issuance of Series 1 and Series 2 stock acquisition rights (fixed exercise price type) through a third-party allotment using treasury shares |
| Number of shares to be issued or disposed of | Underlying shares: 200,000 shares for the First Stock Acquisition Rights and 200,000 shares for the Second Stock Acquisition Rights (400,000 treasury shares are scheduled to be used upon exercise). |
| Issue price and disposal price | ¥1,077 per First Stock Acquisition Right and ¥587 per Second Stock Acquisition Right |
| Total issue value | ¥3,328,000 |
| Amount of funds to be raised | Total subscription payment: ¥903,328,000; estimated net proceeds: ¥868,988,000 |
| Estimated issuance expenses | ¥34,340,000 |
| Specific use of funds | Details Real estate development and capital investment funding for the rental and warehousing business (funding for the construction of the logistics facility and development of related infrastructure for the Nishiki-cho, Kaizuka City project) / Amount ¥381 million / Scheduled timing of expenditures December 2026 to August 2028, Details Real estate development and capital investment funding for the rental and warehousing business (funding for the construction of the logistics facility and development of related infrastructure for the Nishiki-cho, Kaizuka City project) / Amount ¥487 million / Scheduled timing of expenditures December 2026 to August 2028 |
| Payment date | 30 October 2026 |
| Intended allottee | Name CVI Investments, Inc. / Number of Shares Underlying shares: 200,000 shares for the First Stock Acquisition Rights and 200,000 shares for the Second Stock Acquisition Rights |
| Intended allottee's holding policy | The rights will be acquired for investment purposes, and the shares acquired will be sold from time to time through market sales or other means, taking market conditions into account. The holder generally intends to exercise the Stock Acquisition Rights itself and does not intend to transfer them to a third party. |
| Dilution Rate | 18.78% (ratio to the total of 21,303 voting rights; equivalent to 13.79% of the total number of issued shares) |
| Total number of issued shares | 2,901,000 shares → 2,901,000 shares（0％） |
| Basis for determining the amount to be paid | The issue price was determined at the same amount as the valuation calculated by an independent valuation agency using the Monte Carlo method, based on the closing price of ¥1,467 per share on 13 October 2026 and 17.87% volatility based on daily share prices over the past 6.06 years, among other factors. The exercise prices are approximately 136% and 170% of the closing price for the First and Second Stock Acquisition Rights, respectively. |
| Exercise price | ¥2,000 for the First and ¥2,500 for the Second. The prices are fixed, with no adjustment linked to the market share price. However, adjustment provisions apply in the event of a share split, issuance of new shares, special dividends or similar events. Floor: Not disclosed. |
| Exercise period | From 2 November 2026 to 1 November 2032 |
| Number of Stock Acquisition Rights | Total of 4,000 Stock Acquisition Rights (2,000 First and 2,000 Second). The number of unexercised rights remaining: Not disclosed. |
| Transfer restriction period | From the date the Stock Acquisition Rights purchase agreement is executed until the holder ceases to hold the Stock Acquisition Rights, any transfer to a third party requires the Company's prior consent. |
| Conditions for lifting transfer restrictions | The Company's prior written consent. However, such consent may not be unreasonably withheld or delayed. |
| Reason for acquisition without consideration | On 1 November 2032, the Company will acquire and cancel all remaining Stock Acquisition Rights at an amount per right equal to the subscription payment. |
| Procedures under the Corporate Code of Conduct | Because the dilution rate is below 25% and there will be no change in the controlling shareholder, it is not necessary to obtain an opinion from an independent third party or conduct a procedure to confirm shareholders' intentions. |
| Major shareholders after the offering | Because the proposed allottee has not contractually or otherwise committed to a long-term holding, no information is provided on the status following the allotment. |
| Impact on Business Performance | At this time, there is no impact on the current fiscal year's results. |
Items this document does not state (6)
Categories and Number of Persons CoveredTotal Stock-Based CompensationUnderwriter / lead underwriterOverallotmentStock Split RatioMost recent equity financing
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 secure funds for growth investments, including the construction of a logistics facility and development of related infrastructure for the Nishiki-cho, Kaizuka City project in the rental and warehousing business, and to make effective use of treasury shares.
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