Exposure to the Feasibility of Conditional Financing and Dilution of Equity Value
First written in FY2017-Q1. 11 of 24 entries say "Worsened", first in FY2020. Latest entry: 2026-07-09.
ZIGExN moved to the "Worse" side of this theme in 2016.
1 other company's latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「As of 31 May 2026, the number of potential shares represented by stock acquisition rights was 4,343,000, equivalent to 3.9% of the total 110,000,000 shares issued.」
The ratio of potential shares to total shares issued rose from 3.0% to 3.9%, increasing exposure to dilution of equity value. - FY2026-H1WorsenedAnnual report
「Number of stock acquisition rights※ 20,900 (Note) 1 Class, content and number of shares underlying the stock acquisition rights※ Common shares: 2,090,000 (Note) 1」
The issuance of Series 16 stock acquisition rights added 2,090,000 potential shares, increasing future exposure to dilution of equity value. - FY2025SoftenedAnnual report
「As of 31 May 2025, the number of potential shares represented by stock acquisition rights was 3,333,000, equivalent to 3.0% of the total 110,000,000 shares issued.」
The number of potential shares decreased from 3,397,000 to 3,333,000, while the ratio to total shares issued remained at 3.0%. The potential dilution risk remains. - FY2024WorsenedAnnual report
「As of 31 May 2024, the number of potential shares represented by stock acquisition rights was 3,397,000, equivalent to 3.0% of the total 111,700,000 shares issued.」
The ratio of potential shares represented by stock acquisition rights rose from 2.4% to 3.0%. This figure is after the issuance of Series 14 stock acquisition rights and does not indicate share issuance through the exercise of rights. - FY2024-Q3WorsenedAnnual report
「Number of stock acquisition rights※ 2,000 (Note) 1 Class, content and number of shares underlying the stock acquisition rights※ Common shares: 200,000 (Note) 1」
The issuance of Series 13 stock acquisition rights added 200,000 potential shares. This indicates increased future exposure to dilution, not that shares were issued through the exercise of rights. - FY2023WorsenedAnnual report
「As of 31 May 2023, the number of potential shares represented by stock acquisition rights was 2,637,000, equivalent to 2.4% of the total 111,700,000 shares issued.」
The ratio of potential shares represented by stock acquisition rights to total shares issued was disclosed at 2.4%, indicating increased exposure to dilution from the previous 2.0%. This represents potential dilution of equity value; the filing does not state that any rights were exercised. - FY2023-Q3WorsenedAnnual report
「Number of stock acquisition rights※ 2,300 (Note) 1 Class, content and number of shares underlying the stock acquisition rights※ Common shares: 230,000 (Note) 1」
The issuance of Series 12 stock acquisition rights added 230,000 potential shares subject to the achievement of EBITDA targets, increasing exposure to dilution of equity value. - FY2023-Q2WorsenedAnnual report
「Number of stock acquisition rights※ 3,200 (Note) 1 Class, content and number of shares underlying the stock acquisition rights※ Common shares: 320,000 (Note) 1」
The issuance of Series 11 stock acquisition rights added 320,000 potential shares subject to the achievement of EBITDA targets, increasing future exposure to dilution of equity value. - FY2022RestatedAnnual report
「As of 31 May 2022, the number of potential shares represented by stock acquisition rights was 2,180,000, equivalent to 2.0% of the total 111,700,000 shares issued.」
The 2.0% potential dilution from stock acquisition rights relative to total shares issued was also quantified in the annual report. - FY2022-Q2WorsenedAnnual report
「Series 10 stock acquisition rights Number of stock acquisition rights※ 6,600 (Note) 1 Class, content and number of shares underlying the stock acquisition rights※ Common shares: 660,000 (Note) 1」
The issuance of Series 10 stock acquisition rights added 660,000 potential shares, subject to the achievement of future EBITDA targets. Exposure to dilution of equity value has increased in addition to that from existing stock acquisition rights. - FY2020WorsenedAnnual report
「As of 31 May 2020, the number of potential shares represented by stock acquisition rights was 2,224,000, equivalent to 2.0% of the total 111,700,000 shares issued.」
The number of potential shares represented by stock acquisition rights and their ratio to total shares issued were quantified at 2.0%, indicating increased exposure to dilution from the previous 0.7%. - FY2020-Q1MaterialisedAnnual report
「1 April 2019–30 June 2019 58,800 (Note) This increase resulted from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights resulted in the issuance of 58,800 shares, meaning that exposure to dilution of equity value actually occurred during the first quarter. - FY2019MaterialisedAnnual report
「As of 31 May 2019, the number of potential shares represented by stock acquisition rights was 752,400, equivalent to 0.7% of the total 111,700,000 shares issued.」
While share issuance through the exercise of stock acquisition rights continues, the exposure to dilution was quantified at 752,400 potential shares as of the date before filing and 0.7% of total shares issued. - FY2019-Q2MaterialisedAnnual report
「1 July 2018–30 September 2018 (Note 1) 459,200 (Note 1) Increase due to the exercise of share acquisition rights.」
The issuance of 459,200 shares through the exercise of stock acquisition rights actually occurred during the second quarter, further substantiating the exposure to dilution of equity value. - FY2019-Q1MaterialisedAnnual report
「Change in total number of issued shares 210,000 (Note) Increase due to the exercise of share acquisition rights.」
The issuance of 210,000 shares through the exercise of stock acquisition rights actually occurred during the first quarter, further substantiating the exposure to dilution of equity value. - FY2018MitigatedAnnual report
「After comprehensively considering future funding needs, capital policy and other matters, we decided to acquire and cancel all of these stock acquisition rights in accordance with their terms, with the aim of reducing the number of shares that could potentially cause dilution.」
The company acquired and cancelled 18,500 Series 6 stock acquisition rights on 6 April 2018, thereby reducing the number of shares that could potentially cause dilution. Meanwhile, dilution resulting from the full exercise of the Series 5 stock acquisition rights has occurred. - FY2018-Q3MaterialisedAnnual report
「As of the end of the third-quarter consolidated accounting period, the total number of shares issued was 55,486,000.」
The disclosure states that the number of shares increased by 175,000 between 1 October and 31 December 2017 through the exercise of stock acquisition rights, further substantiating the share issuance and exposure to dilution. - FY2018-Q2MaterialisedAnnual report
「With respect to the Series 7 stock acquisition rights issued on 11 November 2016 (the “Stock Acquisition Rights”), 9,800 shares underlying the Stock Acquisition Rights were exercised on 25 July 2017, at the exercise date, class of shares, exercise price, number of shares and total amount paid in shown below.」
The exercise of Series 7 stock acquisition rights resulted in the issuance of 9,800 shares, further substantiating the share issuance and exposure to dilution. - FY2018-Q1MaterialisedAnnual report
「As a result of the payment made upon the exercise of these stock acquisition rights, share capital and capital surplus each increased by ¥1,296.825 million.」
The exercise of stock acquisition rights resulted in the issuance of 1,850,000 shares, while share capital and capital surplus each increased by ¥1,296.825 million. The share issuance and exposure to dilution have become further substantiated. - FY2017-Q3MaterialisedAnnual report
「During the third quarter, the total number of shares issued increased by 245,000. (Note) This increase resulted from the exercise of stock acquisition rights.」
The issuance of 245,000 shares through the exercise of stock acquisition rights actually occurred, further substantiating the exposure to dilution of equity value. - FY2017-Q2MaterialisedAnnual report
「During the second quarter accounting period, the stock acquisition rights related to bonds with stock acquisition rights subject to conditions for revising the exercise price were exercised as follows.」
The exercise of stock acquisition rights resulted in the delivery of 1,200,000 shares during the quarter and raised ¥1,321.500 million. The realisation of conditional funding and the resulting exposure to dilution from share issuance have increased accordingly. - FY2017-Q1MaterialisedAnnual report
「Due to the restrictions described above, the likelihood of raising funds is limited compared with methods such as a public offering.」
The disclosure states that the feasibility of raising funds is limited by the share price level and the conditions for achieving the Triple 25 targets. Meanwhile, 11,000 Series 4 stock acquisition rights were exercised and 1,100,000 shares were delivered, meaning that conditional funding and part of the share issuance have actually occurred.