Dilution of Shareholder Value Through the Exercise of Stock Options
First written in FY2023. 1 of 4 entries say "Restated". Latest entry: FY2026-H1.
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
- FY2026-H1Increase in shares through exercise of stock acquisition rightsAnnual report
「1 January 2026–30 May 2026 13,000 11,622,600 (Note) 1. Increase due to exercise of stock acquisition rights.」
The total number of shares outstanding increased by 13,000 through exercise of stock acquisition rights. The document does not state an assessment of the dilution risk or a change in the potential-share ratio. - FY2025WorsenedAnnual report
「As of the end of the fiscal year, the total number of shares outstanding was 11,609,600, and the percentage of potential shares relative to total shares outstanding was 27.2%. If all of these stock acquisition rights are exercised, up to 3,154,998 additional new shares may be issued.」
The issuance of convertible bonds with stock acquisition rights increased the potential-share ratio from 10.0% to 27.2%, with potential dilution of up to 3,154,998 shares. - FY2024RestatedAnnual report
「As of the end of the fiscal year, the total number of shares outstanding was 11,604,600, and the percentage of potential shares relative to total shares outstanding was 10.0%.」
The company reiterates the potential-share ratio of 10.0% and the dilution risk from exercise of stock acquisition rights. - FY2023First statedAnnual report
「As of the end of the fiscal year, the total number of shares outstanding was 11,604,600, and the percentage of potential shares relative to total shares outstanding was 10.0%.」
The company quantifies the potential dilution, stating that 1,160,000 shares would be issued if all stock acquisition rights were exercised.