Dilution of shareholder value through the exercise of stock options
First written in FY2015. 21 of 29 entries say "Materialised", first in FY2018-Q2. Latest entry: FY2026.
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
- FY2026MaterialisedAnnual report
「At a Board of Directors meeting held on 24 August 2026, the company resolved, pursuant to Articles 236, 238 and 240 of the Companies Act, to issue the second paid stock acquisition rights, the third paid performance-linked stock acquisition rights for executive officers and employees (paid stock options), and the fifth non-paid stock acquisition rights (tax-qualified stock options), and allocated them on 9 September 2026.」
After the filing, stock acquisition rights covering 3,000,000 common shares were allocated to the asset management company of the Representative Director and Chairman, while rights covering 140,000 shares and 290,000 shares were allocated to executive officers and employees, respectively, adding future potential shares. - FY2025MaterialisedAnnual report
「The exercise period for the third series of free stock acquisition rights expired on 31 December 2024, and the rights lapsed.」
The third series of free stock acquisition rights lapsed upon expiration of the exercise period. In addition, it was confirmed that the first series of paid stock acquisition rights did not meet the exercise conditions, and they were treated as having lapsed. - FY2024MaterialisedAnnual report
「The exercise period for the second series of stock acquisition rights expired on 31 July 2024, and the rights lapsed.」
The company disclosed that, after the exercise of 158,850 shares and the lapse of 45,000 shares under the second series of free stock acquisition rights, the exercise period expired and the rights lapsed on 31 July 2024. - FY2023MaterialisedAnnual report
「The decrease in the number of treasury shares resulted from the disposal of treasury shares in connection with the exercise of stock acquisition rights.」
In FY2023, the company disposed of 5,300 treasury shares in connection with the exercise of stock acquisition rights and updated its record of changes in the number of shares. - FY2023-Q3MaterialisedAnnual report
「During the third quarter, the company disposed of 5,100 treasury shares in connection with the exercise of stock acquisition rights. As a result, the number of treasury shares at the end of the third quarter was 250,000 shares, excluding 50 odd-lot shares.」
The company disposed of 5,100 treasury shares in connection with the exercise of stock acquisition rights, bringing the number of treasury shares at quarter-end to 250,000 shares. - FY2022MaterialisedAnnual report
「Other (exercise of stock acquisition rights): 4,900 shares Other (disposal of treasury shares as restricted stock compensation): 85,000 shares」
In FY2022, the company disclosed the disposal of 4,900 treasury shares through the exercise of stock acquisition rights and 85,000 shares through restricted stock compensation. - FY2022-Q2MaterialisedAnnual report
「During the six-month period, treasury shares decreased by 89,200 shares as a result of the disposal of treasury shares as restricted stock compensation and the exercise of stock acquisition rights. As a result, the number of treasury shares at the end of the second quarter was 255,800 shares, excluding 50 odd-lot shares.」
Treasury shares decreased by 89,200 shares through the disposal of treasury shares as restricted stock compensation and the exercise of stock acquisition rights, bringing the number of treasury shares at period-end to 255,800 shares. - FY2022-Q1MaterialisedAnnual report
「During the first quarter, the company disposed of 3,900 treasury shares in connection with the exercise of stock acquisition rights. As a result, the number of treasury shares at the end of the first quarter was 341,100 shares, excluding 50 odd-lot shares.」
The company disposed of 3,900 treasury shares in connection with the exercise of stock acquisition rights and disclosed the resulting change in the number of shares. - FY2021MaterialisedAnnual report
「During the consolidated fiscal year, the company granted stock acquisition rights covering 130,000 common shares under the fourth series of free stock acquisition rights and 205,000 common shares under the first series of paid stock acquisition rights.」
In FY2021, the company granted free stock acquisition rights covering 130,000 shares and paid stock acquisition rights covering 205,000 shares, and disclosed changes in potential shares and issued shares together with the issuance of 68,430 shares through the exercise of existing stock acquisition rights. - FY2021-Q3MaterialisedAnnual report
「At a meeting of the Board of Directors held on 26 April 2021, the company resolved, pursuant to Articles 236, 238 and 240 of the Companies Act, to issue performance-linked paid stock acquisition rights (paid stock options) and stock acquisition rights (tax-qualified stock options) to its directors and employees and the directors of its subsidiaries, and allocated them as follows on 14 May 2021.」
The company disclosed that performance-linked paid stock acquisition rights and other instruments were allocated after filing. The first series of paid stock acquisition rights comprised 2,050 rights covering 205,000 shares, representing newly disclosed performance-linked potential shares. - FY2021-Q2MaterialisedAnnual report
「In addition, the company disposed of 55,100 treasury shares for ¥83.938 million in connection with the exercise of stock acquisition rights.」
The company disposed of 55,100 treasury shares in connection with the exercise of stock acquisition rights and updated its record of events related to share-value dilution. - FY2021-Q1MaterialisedAnnual report
「1 August 2020–31 October 2020 68,430 21,848,196 11,427 152,082 11,427 74,082 (Note) The increases in the total number of issued shares, capital and capital reserves resulted from the exercise of stock acquisition rights.」
In the first quarter of FY2021, 68,430 shares were issued through the exercise of stock acquisition rights, increasing the total number of issued shares, capital and capital reserves. - FY2020MaterialisedAnnual report
「Total intrinsic value of stock options exercised during the consolidated fiscal year, measured on the exercise date: ¥24.481 million」
In FY2020, stock acquisition rights for 64,620 shares were exercised, increasing the number of issued shares, capital and capital reserves. The company also disclosed an increase of 59,430 shares after filing. - FY2020-Q2MaterialisedAnnual report
「1 November 2019–31 January 2020 36,330 24,208,520 6,067 136,196 6,067 58,196 (Note) 1. The increases in the total number of issued shares, capital and capital reserves resulted from the exercise of stock acquisition rights.」
During the second quarter of the fiscal year, 36,330 shares were issued through the exercise of stock acquisition rights, increasing the total number of issued shares, capital and capital reserves. The company also disclosed an increase of 5,040 shares after filing. - FY2020-Q1Updated actual number of shares issued through the exercise of share acquisition rightsAnnual report
「Between 1 November 2019 and 30 November 2019, the total number of issued shares increased by 14,400 shares and capital and capital reserves each increased by ¥2.404 million as a result of the exercise of stock acquisition rights.」
The company disclosed that stock acquisition rights were exercised in November 2019 after the quarter-end, increasing the total number of issued shares by 14,400 shares and capital and capital reserves by ¥2.404 million each. - FY2019MaterialisedAnnual report
「Between 1 August 2019 and 30 September 2019, the exercise of share acquisition rights increased the number of issued shares by 1,590.」
The exercise of share acquisition rights increased the number of shares by 2,995,800 during FY2019, and the Company also disclosed an increase of 1,590 shares after the filing date. - FY2019-Q3MaterialisedAnnual report
「1 February 2019 to 30 April 2019 50,670 24,144,650 8,461 125,529 8,461 47,529 (Note) 1. The increases in the number of issued shares, capital and the capital reserve resulted from the exercise of share acquisition rights.」
The exercise of share acquisition rights from February through April 2019 resulted in the issuance of 50,670 shares and increases in the number of issued shares, capital and the capital reserve. The Company also disclosed an increase of 9,960 shares in May 2019. - FY2019-Q2MaterialisedAnnual report
「1 November 2018 to 31 January 2019 27,900 24,093,980 4,659 117,067 4,659 39,067 (Note) The increases in the number of issued shares, capital and the capital reserve resulted from the exercise of share acquisition rights.」
During the second quarter accounting period, the exercise of share acquisition rights resulted in the issuance of 27,900 shares and increases in the number of issued shares, capital and the capital reserve. - FY2019-Q1MaterialisedAnnual report
「1 August 2018 to 31 October 2018 2,891,280 24,066,080 7,643 112,408 7,643 34,408 (Note) 1. The increases in the number of issued shares, capital and the capital reserve resulted from the exercise of share acquisition rights.」
During the first quarter accounting period, the exercise of share acquisition rights increased the number of issued shares by 2,891,280 and increased capital and the capital reserve by ¥7,643,000 each. - FY2018MaterialisedAnnual report
「Between 1 August 2018 and 30 September 2018, the exercise of share acquisition rights increased the number of issued shares by 2,890,290.」
The Company specifically disclosed the increase in issued shares resulting from the exercise of share acquisition rights, including after the fiscal year-end. The number of shares also increased by 40,270 during FY2018. - FY2018-Q3MaterialisedAnnual report
「1 February 2018 to 30 April 2018 (Note) 2 4,600 21,170,600 807 104,063 807 26,063」
During the third quarter accounting period, the exercise of share acquisition rights resulted in the issuance of 4,600 shares and increases in the number of issued shares, capital and the capital reserve. - FY2018-Q2MaterialisedAnnual report
「Between 1 February 2018 and 28 February 2018, the exercise of share acquisition rights increased the number of issued shares by 4,500 and increased capital and the capital reserve by ¥751,000 each.」
The Company disclosed the actual increase in the number of shares resulting from the exercise of share acquisition rights during the period after the filing date. - FY2017Updated annual figures for expected dilutionAnnual report
「As of the filing date, the total number of potential shares under stock options was 3,815,000, equivalent to 14.7% of the total of 25,968,800 issued shares and potential shares under stock options.」
The Company disclosed total potential shares of 3,815,000 and a dilution percentage of 14.7%, updating the figures from 3,852,600 shares and 14.8% in the previous fiscal year. - FY2016Updated annual figures for expected dilutionAnnual report
「As of the filing date, the total number of potential shares under stock options was 3,852,600, equivalent to 14.8% of the total of 26,006,400 issued shares and potential shares under stock options.」
The Company updated the number of potential shares under stock options and their percentage of issued shares and other shares, using figures as of the fiscal year-end. - FY2016-Q2AdvancedAnnual report
「Third Series Share Acquisition Rights (resolutions of the extraordinary general meeting of shareholders and the Board of Directors held on 7 December 2015) | Number of share acquisition rights (units): 2,781 | Number of underlying shares (shares): 278,100 | Exercise period: 2 January 2018 to 31 December 2024」
For the issuance resolution disclosed in the previous quarter, the Company specifically disclosed the issuance details, number and exercise period of the Third Series Share Acquisition Rights during the second quarter accounting period. - FY2016-Q1Additional disclosure of a resolution to issue share acquisition rightsAnnual report
「At an extraordinary general meeting of shareholders held on 7 December 2015, the Company resolved to issue share acquisition rights as set out below. The number of share acquisition rights was 2,781, the number of shares underlying the rights was 278,100, and the exercise period was from 2 January 2018 to 31 December 2024.」
In addition to disclosing potential shares under existing stock options, the Company disclosed the resolution to issue new share acquisition rights, their number and exercise period. No simple comparison with the existing figures is made because the bases before and after the stock split differ. - FY2015First statedAnnual report
「As of the filing date, the total number of potential shares under stock options was 204,460, equivalent to 17.0% of the total of 1,204,460 issued shares and potential shares under stock options.」
The Company quantifies the number of potential shares and the dilution percentage under its incentive scheme for directors, employees and others.