Risk of Concentration among Major Shareholders and Declining Stock Liquidity
First written in FY2022. 4 of 6 entries say "Mitigated", first in FY2023. Latest entry: 2026-06-25.
The whole theme swung hardest in 2024: 1 of 10 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- 2026-06-25RestatedGovernance
「Kazuo Tsubota 46.23 14.69 60.92 ―」
Under matters concerning the controlling shareholder, the company reported Kazuo Tsubota’s voting-rights ownership as 46.23% directly and 60.92% in aggregate. The figures reconfirm existing disclosures, and the company stated that there were no applicable transactions with the controlling shareholder. - FY2026MitigatedAnnual report
「As of the end of the current fiscal year, Tsubota Kazuo (坪田一男) held 46.23% of the voting rights directly. The combined ownership of the voting rights held by Tsubota Co., Ltd., Tsubota Kazuo's (坪田一男) asset management company, and blood relatives within the second degree was 60.92%, and he is expected to remain a major shareholder.」
The founder's direct ownership was 46.23%, while the combined ownership of related parties was 60.92%. The free-float ratio rose to 33.57%, showing the improvement in liquidity numerically. - FY2026-H1MitigatedAnnual report
「Tsubota Kazuo (坪田 一男) 11,923,700 46.23」
The direct ownership of the representative director and founder declined from 49.25% at the end of March 2025 to 46.23%, further reducing the numerical concentration of share ownership. - FY2024MitigatedAnnual report
「As of the end of the current fiscal year, Tsubota Kazuo (坪田一男) held 49.25% of the voting rights directly. The combined ownership of the voting rights held by Tsubota Co., Ltd., Tsubota Kazuo's (坪田一男) asset management company, and blood relatives within the second degree was 64.06%.」
The founder's direct ownership declined from 50.90% in the previous fiscal year to 49.25%, while the combined ownership of related parties declined from 65.81% to 64.06%. The free-float ratio was 30.90%. - FY2023MitigatedAnnual report
「As of the end of the current fiscal year, Tsubota Kazuo (坪田一男) held 50.90% of the voting rights directly. The combined ownership of the voting rights held by Tsubota Co., Ltd., Tsubota Kazuo's (坪田一男) asset management company, and blood relatives within the second degree was 65.81%.」
The founder's direct ownership declined from 53.79% to 50.90%, while the combined ownership of related parties declined from 68.72% to 65.81%. The free-float ratio rose from 27.24% to 30.01%, indicating a numerical reduction in concentration and liquidity risks. - FY2022First statedAnnual report
「As of the date of filing this document, Tsubota Kazuo (坪田一男) held 53.79% of the voting rights directly. The combined ownership of the voting rights held by Tsubota Co., Ltd., Tsubota Kazuo's (坪田一男) asset management company, and blood relatives within the second degree was 68.72%.」
The disclosure also shows a free-float ratio of 27.24% and states a policy of improving liquidity through secondary offerings, public offerings and the exercise of stock options.