Dilution of equity value through stock options
First written in FY2019. 14 of 17 entries say "Materialised", first in FY2020. Latest entry: FY2025.
Makuake moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
53 other companies' latest entry also says "Mitigated".
- FY2025MitigatedAnnual report
「As of the end of September 2025, the number of potential shares attributable to share acquisition rights was 32,069, equivalent to 0.3% of total shares issued. The Company intends to continue using its stock option program.」
The ratio of potential shares to total shares issued declined from 0.5% at the end of the previous fiscal year to 0.3%. The Company also stated its intention to continue using its stock option program. - FY2025-H1MaterialisedAnnual report
「1 October 2024–11 December 2024 22,000 shares Increase due to the exercise of share acquisition rights.」
During the interim accounting period, 22,000 shares were issued through the exercise of share acquisition rights, resulting in additional share issuance that contributed to dilution. - FY2024MaterialisedAnnual report
「1 October 2023–30 September 2024 90,000 shares Increase due to the exercise of share acquisition rights.」
In the fiscal year ended September 2024, 90,000 shares were issued through the exercise of share acquisition rights. As of the fiscal year-end, the number of potential shares was 66,781, equivalent to 0.5% of total shares issued. - FY2024-Q2MaterialisedAnnual report
「1 January 2024–31 March 2024 (Note) 38,000 shares (Note) Increase due to the exercise of stock acquisition rights.」
During the cumulative second quarter, 38,000 shares were issued through the exercise of share acquisition rights, resulting in additional share issuance that contributed to dilution. - FY2024-Q1MaterialisedAnnual report
「1 October 2023–31 December 2023 (Note) 30,000 shares (Note) Increase due to the exercise of stock acquisition rights.」
During the cumulative first-quarter period, 30,000 shares were issued through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. - FY2023MaterialisedAnnual report
「1 October 2022–30 September 2023 68,000 shares Increase due to the exercise of stock acquisition rights.」
During the fiscal year, 68,000 shares were issued through the exercise of stock acquisition rights. As of the end of the period, potential shares totaled 162,284, equivalent to 1.3% of issued shares. - FY2023-Q3MaterialisedAnnual report
「1 April 2023–30 June 2023 (Note) 58,000 shares (Note) Increase due to the exercise of stock acquisition rights.」
During the cumulative third-quarter period, 58,000 shares were issued through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. - FY2022MaterialisedAnnual report
「As of the end of September 2022, the number of potential shares represented by stock acquisition rights was 246,166 shares, equivalent to 2.0% of the 12,568,700 issued shares, and the company plans to continue using its stock option program.」
In the fiscal year ended September 2022, 164,000 shares were issued through the exercise of stock acquisition rights, bringing potential shares to 246,166, equivalent to 2.0% of issued shares. Share issuances leading to dilution continued to materialize. - FY2022-Q2MaterialisedAnnual report
「1 January 2022–31 March 2022 (Note) 132,000 shares (Note) Increase due to the exercise of stock acquisition rights.」
During the second-quarter accounting period, 132,000 shares were issued through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. - FY2022-Q1MaterialisedAnnual report
「1 October 2021–31 December 2021 (Note) 32,000 shares (Note) Increase due to the exercise of stock acquisition rights.」
During the cumulative first-quarter period, 32,000 shares were issued through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. - FY2021MaterialisedAnnual report
「As of the end of September 2021, the number of potential shares represented by stock acquisition rights was 428,600 shares, equivalent to 3.4% of the 12,404,700 issued shares, and the company plans to continue using its stock option program.」
During the fiscal year, 236,000 shares were issued through the exercise of stock acquisition rights, bringing potential shares to 428,600, equivalent to 3.4% of issued shares. The dilution risk continued to materialize. - FY2021-Q3MaterialisedAnnual report
「1 April 2021–30 June 2021 (Note) 102,000 shares (Note) Increase due to the exercise of stock acquisition rights.」
During the third-quarter accounting period, 102,000 shares were issued through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. - FY2021-Q2MaterialisedAnnual report
「Increase resulting from the exercise of stock acquisition rights.」
From 1 January 2021 to 31 March 2021, 40,000 shares were added through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. The number of potential shares has increased due to the exercise of stock acquisition rights and other factors. - FY2021-Q1MaterialisedAnnual report
「Increase resulting from the exercise of stock acquisition rights.」
During the cumulative first-quarter period, 6,000 shares were added through the exercise of stock acquisition rights, resulting in additional share issuances that led to dilution. - FY2020MaterialisedAnnual report
「15 January 2020–30 September 2020 320,000 shares Increase due to the exercise of stock acquisition rights.」
The exercise of stock options resulted in the issuance of 320,000 shares, realizing the dilution risk through an actual share issuance. As of the end of the period, potential shares totaled 664,600, equivalent to 5.7% of issued shares. - FY2020-Q2WorsenedAnnual report
「At a meeting of the Board of Directors held on 25 February 2020, the company resolved, pursuant to Articles 236, 238 and 240 of the Companies Act, to issue stock acquisition rights to its employees as stock options, and issued them on 1 April 2020.」
The company issued 40,600 stock acquisition rights to 15 employees, representing 40,600 underlying shares, adding to the potential dilution of share value. The company stated that the purpose of the issuance was to increase employees' motivation and morale toward medium- to long-term earnings growth and increased corporate value. - FY2019First statedAnnual report
「As of the date of filing this document, the number of potential shares represented by stock acquisition rights is 944,000 shares, equivalent to 8.6% of the 10,966,000 issued shares, and the company plans to continue using its stock option program.」
The Company discloses the possibility that the exercise of stock acquisition rights could dilute the value of existing shareholders' shares and their voting rights.