Partial Redemption of Class A Preferred Shares and Future Full Redemption Policy
First written in FY2019-Q2. 1 of 6 entries say "Achieved", first in FY2019-Q3. Latest entry: FY2026.
Nippon Sheet Glass moved to the "Worse" side of this theme in 2026.
The whole theme swung hardest in 2026: 1 of 8 companies on the "Worse" side.
0 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「By the end of the consolidated fiscal year, holders of Class A preferred shares had exercised their acquisition rights with common shares as consideration, and the Company had acquired all of the Class A preferred shares.」
The Company shifted from its policy of future cash redemption of the Class A preferred shares to acquiring all of them through the exercise of acquisition rights with common shares as consideration. It holds 22,644 shares as treasury stock. - FY2021-Q1RestatedAnnual report
「Because consolidated operating profit for the fiscal year ended March 2020 did not reach the level stipulated in the underwriting agreement, an event lifting the conversion restriction has occurred, allowing holders of Class A preferred shares to exercise their acquisition rights with common shares as consideration, even before 30 June 2020.」
While maintaining its policy of redeeming the Class A preferred shares for cash, the Company continues to disclose that the acquisition rights with common shares as consideration remain exercisable due to the shortfall in performance. - FY2020SoftenedAnnual report
「As the Group's consolidated operating profit for the fiscal year ended March 2020 did not reach the level stipulated in the underwriting agreement, an event lifting the conversion restriction occurred on 22 May 2020. As a result, holders of Class A preferred shares became entitled to exercise their acquisition rights with common shares as consideration.」
While maintaining its policy of redeeming the remaining Class A preferred shares for cash in the future, the Company disclosed that an event lifting the conversion restriction had occurred because performance fell short of the required level, making conversion requests for common shares possible. - FY2019AdvancedAnnual report
「At a meeting of the Board of Directors held on 10 May 2019, the Company resolved to partially redeem its Class A preferred shares through acquisition and cancellation. It redeemed 5,000 shares, leaving 30,000 Class A preferred shares outstanding. The acquisition date was 6 June 2019, reducing other capital surplus by ¥5,750 million.」
Following the redemption of 5,000 shares in December 2018, an additional 5,000 Class A preferred shares were acquired and cancelled on 6 June 2019, leaving 30,000 shares outstanding. - FY2019-Q3AchievedAnnual report
「At a meeting of the Board of Directors held on 1 November 2018, the Company resolved, pursuant to Article 10-6 of its Articles of Incorporation, to acquire for cash 5,000 of the Class A preferred shares it had issued, and, subject to that acquisition, to cancel them pursuant to Article 178 of the Companies Act. The acquisition and cancellation were carried out on 7 December 2018.」
The acquisition and cancellation for cash of 5,000 Class A preferred shares was completed on 7 December 2018, leaving 35,000 shares outstanding. - FY2019-Q2First statedAnnual report
「At a meeting of the Board of Directors held on 1 November 2018, the Group resolved to partially redeem its Class A preferred shares through acquisition and cancellation. Of the 40,000 Class A preferred shares issued by the Company, 5,000 shares will be redeemed, leaving 35,000 Class A preferred shares outstanding. The total acquisition price for these Class A preferred shares, including the amount equivalent to preferred dividends and the cash redemption premium, will be ¥5,801 million. The acquisition date is scheduled for 7 December 2018.」
The Company resolved to redeem 5,000 Class A preferred shares on 7 December 2018 for a total of ¥5,801 million, against a backdrop of a stronger earnings base and lower financial costs. It also stated its policy of redeeming the remaining Class A preferred shares flexibly and promptly while maintaining financial stability, with a view to redeeming all of them for cash in the future.