Dilution of Share Value Through the Exercise of Stock Options
First written in FY2016. 12 of 22 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-09-03.
Dle moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2017: 43 of 78 companies on the "Worse" side.
31 other companies' latest entry also says "Worsened".
- 2026-09-03WorsenedShare Issuance and Disposal
「第１回無担保転換社債型新株予約権付社債（転換価額修正条項付） 157 円 126 円」
転換価額が157円から126円へ修正された。転換価額の低下により、転換時の潜在株式数・希薄化エクスポージャーが拡大し得る内容であり、元スレッドは変更せず、希薄化リスクの進展として記録する。 - FY2026WorsenedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by these stock options was 1,864,200, equivalent to 4.29% of the total 43,448,440 shares issued.」
Remaining potential shares totaled 1,864,200, representing 4.29% of total shares issued, expanding the dilution exposure from the previously disclosed 321,300 shares and 0.76%. - 2026-06-06WorsenedGeneral Meetings of Shareholders
「当連結会計年度の末日において発行している新株予約権（権利行使期間の初日が到来していないものを除く）の目的となる株式の種類及び数 普通株式 5,040,500株」
新株予約権の目的となる株式数を5,040,500株と記載し、株式価値の希薄化可能性を具体的に示している。 - FY2026-H1WorsenedAnnual report
「1st series of unsecured convertible bonds with stock acquisition rights Common shares 1,910,828. 24th series of stock acquisition rights Common shares 4,069,100. 21st series of stock acquisition rights Common shares 600,000」
In addition to 740,740 shares issued through a third-party allotment and 193,500 shares issued through the exercise of stock acquisition rights being reflected in the number of shares issued, 1,910,828 potential shares under the convertible bonds with stock acquisition rights, 4,069,100 shares under the 24th series of stock acquisition rights and 600,000 shares under the 21st series were disclosed, expanding the dilution exposure. - FY2024RestatedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by these stock options was 321,300, equivalent to 0.76% of the total 42,514,200 shares issued.」
The Company has reaffirmed the potential dilution represented by the remaining 321,300 stock-option shares, equivalent to 0.76% of total shares issued. - FY2023MitigatedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by these stock options was 321,300, equivalent to 0.76% of the total 42,514,200 shares issued.」
While 150,600 shares under stock acquisition rights were exercised during the fiscal year, potential shares at fiscal year-end totaled 321,300, representing 0.76% of total shares issued, reducing the remaining dilution exposure from 1.54% in the previous fiscal year. - FY2023-Q2MaterialisedAnnual report
「1 July 2022–30 September 2022 (Note) 147,600 42,514,200 14,760 2,933,933 14,760 998,238. This represents an increase resulting from the exercise of stock acquisition rights.」
During the second quarter, an additional 147,600 shares were issued through the exercise of stock acquisition rights, increasing capital and the capital reserve by ¥14.760 million each. Part of the potential dilution was realized as an actual share issuance. - FY2023-Q1MaterialisedAnnual report
「1 April 2022–30 June 2022 (Note) 3,000 42,366,600 300 2,919,173 300 983,478. This represents an increase resulting from the exercise of stock acquisition rights.」
An additional 3,000 shares were issued through the exercise of stock acquisition rights, realizing part of the potential dilution as an actual share issuance. - FY2022WorsenedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by these stock options was 654,300, equivalent to 1.54% of the total 42,363,600 shares issued.」
The number of potential shares increased to a total of 654,300, including the previously disclosed 321,300 shares under the 20th series of stock acquisition rights, and the ratio to total shares issued was disclosed as 1.54%. The remaining potential dilution increased. - FY2022-Q2WorsenedAnnual report
「1 July 2021–30 September 2021 (Note) 18,000 42,363,600 1,800 2,918,873 1,800 983,178. This represents an increase resulting from the exercise of stock acquisition rights. Number of stock acquisition rights (units) 3,213. Common shares 321,300. Exercise period for stock acquisition rights: 1 July 2023 to 30 September 2025. If operating income in the consolidated income statement included in the Company's securities reports for the fiscal years ending March 2023, March 2024 or March 2025 exceeds ¥0.」
An additional 18,000 shares were issued through the exercise of stock acquisition rights during the quarter. In addition, 321,300 shares under the 20th series of stock acquisition rights were granted, with operating income exceeding ¥0 in one of the fiscal years ending March 2023 through March 2025 as an exercise condition. - FY2022-Q1MaterialisedAnnual report
「The number of shares issued as of the filing date includes 18,000 shares issued through the exercise of stock acquisition rights between 1 July and 31 July 2021.」
An additional 18,000 shares were issued through the exercise of stock acquisition rights, realizing part of the potential dilution as an actual share issuance. - FY2021MitigatedAnnual report
「As of 31 March 2021, the number of potential shares represented by these stock options was 351,000, equivalent to 0.83% of the total 42,345,600 shares issued.」
The number of potential shares and their ratio to total shares issued declined from 873,900 shares and 2.1% in the previous fiscal year to 351,000 shares and 0.83%. While 8,400 stock acquisition rights were exercised, 1,200 lapsed, reducing the remaining dilution exposure. - FY2021-Q1WorsenedAnnual report
「1 April 2020–30 June 2020 (Note) 2,400 42,339,600 240 2,916,473 240 980,778. This represents an increase resulting from the exercise of stock acquisition rights.」
An additional 2,400 shares were issued through the exercise of stock acquisition rights, further realizing part of the potential dilution. - FY2020MitigatedAnnual report
「As of 31 March 2020, the number of potential shares represented by these stock options was 873,900, equivalent to 2.1% of the total 42,337,200 shares issued.」
The number and ratio of potential shares declined from the previously disclosed 920,300 shares and 2.2% to 873,900 shares and 2.1%. - FY2019WorsenedAnnual report
「As of 30 June 2019, the number of potential shares represented by these stock options was 920,300, equivalent to 2.2% of the total 42,337,200 shares issued.」
Potential shares increased from the previously disclosed 364,200 shares, or 1.8%, to 920,300 shares, or 2.2%, increasing the disclosed stock-option dilution exposure. - FY2018MitigatedAnnual report
「As of 30 June 2018, the number of potential shares represented by these stock options was 364,200, equivalent to 1.8% of the total 20,337,200 shares issued.」
The Company disclosed potential shares of 1.8% of shares issued, with the measured dilution exposure down from 8.9% in FY2016. - FY2018-Q3WorsenedAnnual report
「The stock acquisition rights issued during the second quarter accounting period are as follows. 1 October 2017–31 December 2017 (Note) 94,800 20,337,200 9,480 1,530,233 9,480 1,307,553. This represents an increase resulting from the exercise of stock acquisition rights.」
While the 18th and 19th series of stock acquisition rights added a total of 765,000 underlying shares, the exercise of existing stock acquisition rights resulted in the issuance of 94,800 shares, expanding and partially realizing the dilution exposure. - FY2018-Q2WorsenedAnnual report
「1 July 2017–30 September 2017 (Note) 1,800 20,242,400 180 1,520,753 180 1,298,073」
A further 1,800 shares were issued during the first quarter through the exercise of stock acquisition rights, partially realizing the existing potential dilution. - FY2017-Q4WorsenedAnnual report
「1 January 2017–31 March 2017 (Note) 34,200 20,201,600 2,925 1,516,673 2,925 1,293,993」
A further 34,200 shares were issued during the quarter through the exercise of stock acquisition rights, partially realizing the potential dilution. - FY2017-Q3MaterialisedAnnual 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.」
25,340 of the 17th series of stock acquisition rights were exercised, and 2,534,000 shares were delivered. The previously potential dilution resulted in an actual share issuance. - FY2017-Q2WorsenedAnnual report
「At a meeting of the Board of Directors held on 11 November 2016, the Company resolved to issue the 17th series of stock acquisition rights through a third-party allotment, as described below (the “Stock Acquisition Rights”).」
The 17th series of stock acquisition rights represents 2,534,000 potential shares, creating additional potential exposure to dilution. The disclosure does not state that dilution has occurred, as the rights had not yet been exercised. - FY2016First statedAnnual report
「As of 30 June 2016, the number of potential shares represented by these stock options was 1,501,800, equivalent to 8.9% of the total 16,895,400 shares issued.」
The disclosure shows the number of potential shares and their ratio to total shares issued, stating the potential for dilution upon exercise.