Dilution of Share Value Resulting from the Exercise of Share Acquisition Rights
First written in FY2016. 13 of 20 entries say "Materialised", first in FY2021-Q3. Latest entry: FY2026.
Vixton moved to the "Worse" side of this theme in 2020, 1 year before the typical company in this theme (2021).
The whole theme swung hardest in 2017: 34 of 62 companies on the "Worse" side.
57 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「At a meeting of the Board of Directors held on 26 February 2026, the Company resolved to acquire and cancel all of the Series 20 Stock Acquisition Rights issued through a third-party allotment by the Company, which have exercise price adjustment provisions. On 4 March 2026, the Company acquired and cancelled all of these stock acquisition rights, comprising 325,548 remaining units.」
Although the exercise of stock acquisition rights resulted in an actual increase of 9,303,200 shares during the fiscal year, the remaining Series 12 and Series 16 through Series 21 Stock Acquisition Rights were acquired and cancelled, eliminating the potential for dilution through future exercises. - FY2026-H1MaterialisedAnnual report
「1 April 2025–30 September 2025 (Note) 1 3,408,000 76,785,036 178,184 2,029,947 178,184 3,436,260 (Note) 1. Increase resulting from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights increased the number of shares by 3,408,000 during the first half, with a further increase of 450,000 shares before the filing date. Dilution through the increase in the number of shares is actually progressing. - FY2025-H1MaterialisedAnnual report
「1 April 2024–30 September 2024 Change in total number of issued shares 4,000,000 shares The total number of issued shares increased by 800,000 through the exercise of stock acquisition rights between 1 October 2024 and 31 October 2024.」
The exercise of the Series 12 Stock Acquisition Rights increased the number of shares by 4,000,000 during the first half and by a further 800,000 in October before the filing date. In addition, the Series 13 through Series 15 Stock Acquisition Rights newly represented a total of 1,145,000 potential shares, indicating that the increase in shares and potential for dilution continue. - FY2024MaterialisedAnnual report
「Beginning of the consolidated fiscal year Number of shares (shares) 51,509,516 Increase during the consolidated fiscal year Number of shares (shares) 4,800,000 End of the consolidated fiscal year Number of shares (shares) 56,309,516」
The exercise of the Series 12 Stock Acquisition Rights increased the number of shares by 4,800,000 during the fiscal year. At the fiscal year-end, 7,536,600 underlying shares remained under the Series 12 Stock Acquisition Rights, leaving potential for future dilution. - FY2024-Q3MaterialisedAnnual report
「1 October 2023–31 December 2023 (Note) 1,000,000 54,609,516 30,445 1,082,850 30,445 2,384,357 (Note) Increase resulting from the exercise of the Series 12 Stock Acquisition Rights.」
The exercise of the Series 12 Stock Acquisition Rights increased the number of shares by 1,000,000 during the third quarter, bringing the total number of issued shares to 54,609,516. The increase in shares leading to dilution is actually progressing. - FY2024-Q2MaterialisedAnnual report
「1 July 2023–30 September 2023 (Note) 1,600,000 53,609,516 48,712 1,052,405 48,712 2,353,912 (Note) Increase resulting from the exercise of the Series 12 Stock Acquisition Rights.」
The exercise of the Series 12 Stock Acquisition Rights increased the number of shares by 1,600,000 during the second quarter, bringing the total number of issued shares to 53,609,516. The increase in shares and dilution through the exercise of stock acquisition rights are actually progressing. - FY2024-Q1MaterialisedAnnual report
「1 April 2023–30 June 2023 500,000 52,009,516 15,222 1,003,693 15,222 2,305,200 (Note) Increase resulting from the exercise of the Series 12 Stock Acquisition Rights. The Series 11 Stock Acquisition Rights issued pursuant to a resolution of the Board of Directors dated 21 April 2021 expired on 10 May 2023 upon expiration of their exercise period.」
The exercise of the Series 12 Stock Acquisition Rights actually increased the number of shares by 500,000. Meanwhile, the Series 11 Stock Acquisition Rights expired upon expiration of their exercise period, eliminating part of the existing potential for dilution. - FY2023MaterialisedAnnual report
「Series 12 Stock Acquisition Rights Common shares 12,336,600」
During the fiscal year, 206,800 shares underlying the Series 11 Stock Acquisition Rights and 4,330,000 shares underlying the Series 12 Stock Acquisition Rights were exercised, increasing the total number of issued shares by 14,565,016. The Series 12 Stock Acquisition Rights still represent 12,336,600 potential shares. - FY2023-Q3MaterialisedAnnual report
「1 October 2022–31 December 2022 (Note) 1,600,000 49,014,600 48,712 964,114 48,712 2,169,011 (Note) Increase resulting from the exercise of the Series 12 Stock Acquisition Rights.」
The exercise of the Series 12 Stock Acquisition Rights resulted in the issuance of 1,600,000 shares during the third quarter, with the increase in shares and dilution actually progressing. - FY2023-Q2MaterialisedAnnual report
「1 July 2022–30 September 2022 Change in total number of issued shares 1,730,000」
The exercise of the Series 12 Stock Acquisition Rights increased the number of issued shares by 1,730,000 during the second quarter. The increase in shares and potential for dilution through stock acquisition rights are actually progressing. - FY2023-Q1WorsenedAnnual report
「Number of potential shares issued 16,666,600 shares (100 shares per unit)」
The issuance of the Series 12 Stock Acquisition Rights created 16,666,600 new potential shares. In addition, the exercise of the Series 11 Stock Acquisition Rights resulted in the delivery of 206,800 shares during the quarter, bringing cumulative shares delivered to 4,268,900. - FY2022-Q3MaterialisedAnnual report
「Number of bonds with stock acquisition rights with exercise price adjustment provisions, etc., exercised during the quarter (units) 11,686 Number of shares delivered upon exercise during the quarter (shares) 1,168,600 Cumulative number of shares delivered in connection with these bonds with stock acquisition rights with exercise price adjustment provisions, etc., as of the quarter-end (shares) 4,062,100」
The exercise of the Series 11 Stock Acquisition Rights resulted in the delivery of 1,168,600 shares during the third quarter. Cumulative shares delivered totaled 4,062,100, indicating that dilution through an increase in the number of shares is actually progressing. - FY2022-Q2MaterialisedAnnual report
「Number of bonds with stock acquisition rights with exercise price adjustment provisions, etc., exercised during the quarter (units) 8,017 Number of shares delivered upon exercise during the quarter (shares) 801,700」
The exercise of the Series 11 Stock Acquisition Rights resulted in the delivery of 801,700 shares during the second quarter. Cumulative shares delivered through the end of the second quarter totaled 2,893,500, indicating that dilution through an increase in the number of shares is actually progressing. - FY2022-Q1MaterialisedAnnual report
「Number of shares delivered upon exercise during the quarter 2,091,800 Amount raised through exercises during the quarter (¥ thousands) 186,537」
The exercise of the Series 11 Stock Acquisition Rights resulted in the delivery of 2,091,800 shares during the first quarter, an actual increase in the number of shares. Some of the Series 11 Stock Acquisition Rights remain unexercised. - FY2021WorsenedAnnual report
「(4) Number of potential shares issued through the issuance 14,000,000 shares」
While the Company acquired and cancelled the remaining 2,628,000 shares underlying the Series 10 Stock Acquisition Rights, the Series 11 Stock Acquisition Rights newly created 14,000,000 potential shares, substantially increasing the potential for future dilution. - FY2021-Q3MaterialisedAnnual report
「Between 1 January 2021 and 31 January 2021, the exercise of stock acquisition rights increased the total number of issued shares by 320,000 and increased share capital and capital reserves by ¥22.044 million each.」
The partial exercise of the stock acquisition rights actually increased the number of issued shares by 320,000. The potential for a future increase in the number of shares and dilution through the Series 10 Stock Acquisition Rights remains. - FY2021-Q2WorsenedAnnual report
「(4) Number of potential shares issued 5,080,600 shares」
The issuance of the Series 10 Stock Acquisition Rights created 5,080,600 new potential shares. After the prior elimination of the unexercised balance, the potential for a future increase in the number of shares and dilution has arisen again. - FY2018MitigatedAnnual report
「Series 7 Stock Acquisition Rights Expired 717,000 Unexercised balance — Series 9 Stock Acquisition Rights Exercised 9,401,800 Unexercised balance —」
717,000 shares underlying the Series 7 Stock Acquisition Rights expired, while all 9,401,800 shares underlying the Series 9 Stock Acquisition Rights were exercised, leaving no unexercised balance at the fiscal year-end. The increase in shares through exercise actually occurred, while the potential for dilution from future unexercised rights was eliminated. - FY2018-Q3Increase in Shares Through Exercise of Stock Acquisition RightsAnnual report
「1 October 2017–31 December 2017 Change in total number of issued shares 300,000 shares」
The number of issued shares increased by 300,000 during the third quarter through the exercise of stock acquisition rights. The filing states the increase in the number of shares but does not describe its impact on share value. - FY2016First statedAnnual report
「If exercise of the stock acquisition rights progresses, the value of the shares may be diluted, potentially affecting the share price.」
For the Series 9 Stock Acquisition Rights, the Company disclosed an issuance covering 11,194,100 underlying shares as of the fiscal year-end.