Worth reading
34Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
12.7
% or higher (difference from the free-float ratio criterion)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedKey initiatives
01With the cooperation of TAT CAPITAL FUND LLC, the company's major shareholder, have all shares it owns transferred from NATIONAL FINANCIAL SERVICES LLC (standing proxy: Citibank, N.A., Tokyo Branch) to another custodian.
Non-financial targetsIndicator name Tradable share ratio / Target value 25.0% or higher / Timing End of December 2026
Risks identified by the company
If compliance cannot be confirmed during the improvement period through 31 December 2026, the company may be designated by the Tokyo Stock Exchange as securities under supervision (examination).
Thereafter, if compliance with the listing maintenance criteria is not confirmed in the examination based on the distribution status table as of 31 December 2026, the shares may be designated as securities designated for delisting, and the company's shares may be delisted on 1 July 2027.
Reason for revision or withdrawal
Because NATIONAL FINANCIAL SERVICES LLC's ownership interest exceeded 10%, its shares became classified as non-tradable shares, resulting in the company's free-float ratio falling below the 25% listing maintenance criterion.
| Item | Details |
|---|---|
| Plan name | Plan to Meet Continued Listing Criteria (Entering the Improvement Period) |
| Plan period | Through the end of December 2026 |
| Progress against the plan | Formulated |
| Non-financial targets | Indicator name Tradable share ratio / Target value 25.0% or higher / Timing End of December 2026 |
| Key initiatives | With the cooperation of TAT CAPITAL FUND LLC, the company's major shareholder, have all shares it owns transferred from NATIONAL FINANCIAL SERVICES LLC (standing proxy: Citibank, N.A., Tokyo Branch) to another custodian. |
| Reason for revision or withdrawal | Because NATIONAL FINANCIAL SERVICES LLC's ownership interest exceeded 10%, its shares became classified as non-tradable shares, resulting in the company's free-float ratio falling below the 25% listing maintenance criterion. |
| Risks identified | If compliance cannot be confirmed during the improvement period through 31 December 2026, the company may be designated by the Tokyo Stock Exchange as securities under supervision (examination)., Thereafter, if compliance with the listing maintenance criteria is not confirmed in the examination based on the distribution status table as of 31 December 2026, the shares may be designated as securities designated for delisting, and the company's shares may be delisted on 1 July 2027. |
| Publication date | 26 March 2026 |
Items this document does not state (17)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetPlan assumptionsResults under the previous planSize of the Target MarketDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Because NATIONAL FINANCIAL SERVICES LLC's ownership interest exceeded 10%, its shares became classified as non-tradable shares, resulting in the company's free-float ratio falling below the 25% listing maintenance criterion.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.