Dilution of Per-Share Value Through New Share Issuances and Stock Acquisition Rights
First written in FY2021. 6 of 13 entries say "Materialised", first in FY2022-Q1. Latest entry: 2026-10-19.
Stella Pharma moved to the "Worse" side of this theme in 2023, 2 years after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 17 of 34 companies on the "Worse" side.
15 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Between 1 April 2026 and 22 June 2026, the total number of shares issued increased by 2,000,000 through a third-party allotment, while share capital and the capital reserve each increased by ¥506.000 million.」
Under the new issuance programme, 2,000,000 shares were issued through a third-party allotment, and a further 2,100,000 potential shares were established through the Fifth and Sixth Series Stock Acquisition Rights, expanding the dilution exposure. - FY2025Completion of stock acquisition rights exercises and update of potential sharesAnnual report
「All exercises of the Fourth Series Stock Acquisition Rights issued through a third-party allotment in December 2022 were completed as of July 2024. As of the end of the fiscal year, the total number of shares issued by the Company was 34,034,100, while the number of potential shares represented by stock acquisition rights granted to the Company's directors and employees was 888,800, equivalent to 2.61% of the total shares issued. If these stock acquisition rights are exercised, the value per share of the Company may be diluted.」
Although exercises of the Fourth Series Stock Acquisition Rights have been completed, 888,800 potential shares under stock acquisition rights granted to directors and employees remain, representing 2.61% of potential shares. - FY2025-H1MaterialisedAnnual report
「Shares delivered upon exercise during the interim accounting period: 2,750,600 shares. Cumulative shares delivered under the stock acquisition rights attached to bonds with stock acquisition rights subject to revision of the exercise price as of the end of the interim accounting period: 5,300,000 shares.」
2,750,600 shares were issued in the interim period through the exercise of the Fourth Series Stock Acquisition Rights, bringing cumulative shares delivered to 5,300,000. The dilution risk is materialising as an increase in the number of shares. - FY2024-Q2MaterialisedAnnual report
「During the second quarter accounting period, the stock acquisition rights attached to bonds with stock acquisition rights subject to revision of the exercise price were exercised as follows. Shares delivered upon exercise during the second quarter accounting period: 436,700 shares. Funds raised through exercises during the second quarter accounting period: ¥128.736 million. Cumulative shares delivered as of the end of the second quarter accounting period: 2,549,400 shares.」
436,700 shares were issued in the second quarter through the exercise of the Fourth Series Stock Acquisition Rights, raising ¥128.736 million. Cumulative shares delivered reached 2,549,400, and the dilution risk is materialising as an actual increase in the number of shares. - FY2024-Q1MaterialisedAnnual report
「During the first quarter accounting period, the stock acquisition rights attached to bonds with stock acquisition rights subject to revision of the exercise price were exercised as follows. Shares delivered upon exercise during the first quarter accounting period: 822,500 shares. Total shares issued as of the end of the first quarter accounting period: 30,788,800 shares.」
822,500 shares were issued in the first quarter through the exercise of the Fourth Series Stock Acquisition Rights, bringing the total number of shares issued to 30,788,800. The dilution risk from the issuance of new shares is materialising as an actual increase in the number of shares. - FY2023-Q3MaterialisedAnnual report
「The common shares underlying these stock acquisition rights total 5,300,000, equivalent to 18.48% of the 28,676,100 shares issued as of 30 September 2022. Between 1 January 2023 and 31 January 2023, the number of shares issued increased by 598,300 through the exercise of stock acquisition rights.」
For the fourth series of stock acquisition rights, the disclosure states that there are 5,300,000 potential shares, equivalent to 18.48% of shares issued, and that 598,300 shares had actually been issued during the period before filing. - FY2022Update to actual dilution figuresAnnual report
「As of the end of the fiscal year, we had 28,676,100 shares issued and 918,400 potential shares attributable to stock acquisition rights, equivalent to 3.20% of shares issued. If these stock acquisition rights are exercised, the equity value per share may be diluted.」
The actual figures have been updated to 28,676,100 shares issued, 918,400 potential shares and a potential dilution ratio of 3.20%. - FY2022-Q1MaterialisedAnnual report
「In connection with the listing, capital stock and capital surplus each increased by ¥1,564,020 thousand through the issuance of 7,391,400 new shares in a public offering, conducted through the book-building method, with a payment date of 21 April 2021. Capital stock and capital surplus each increased by ¥234,579 thousand through the issuance of 1,108,600 new shares in a third-party allotment, conducted in connection with an offering through an over-allotment, with a payment date of 24 May 2021. Including the issuance of new shares through the exercise of stock acquisition rights during the three months ended the first quarter, capital stock was ¥3,800,889 thousand and capital surplus was ¥1,900,889 thousand as of the end of the first quarter accounting period.」
New shares were issued through a public offering, a third-party allotment and the exercise of stock acquisition rights, increasing the number of shares issued. This filing does not describe the effect on equity value itself. - FY2021First statedAnnual report
「As of the end of the fiscal year, we had 20,137,400 shares issued and 978,800 potential shares attributable to stock acquisition rights, equivalent to 4.86% of shares issued. If these stock acquisition rights are exercised, the equity value per share may be diluted.」
The disclosure describes dilution of per-share value from future capital increases and the exercise of stock acquisition rights.