Risks relating to developments at INCJ
First written in FY2017. 3 of 10 entries say "Restated". Latest entry: FY2024.
Japan Display moved to the "Worse" side of this theme in 2020, 4 years before the typical company in this theme (2024).
11 other companies' latest entry also says "Softened".
- FY2024SoftenedAnnual report
「As of 31 March 2024, INCJ held 2.8% of the company's voting rights.」
INCJ’s voting rights ratio fell to 2.8% from 5.5% in the previous fiscal year. The company also disclosed that, under the approval conditions of the Industrial Competitiveness Enhancement Act, it must dispose of its shares and other holdings by March 2025. - FY2023SoftenedAnnual report
「All 1,020,000,000 Class A preferred shares acquired on 27 February 2023 were cancelled on 10 March 2023.」
INCJ acquired and cancelled 1.02 billion Class A preferred shares, reducing INCJ's voting rights ratio to 5.5%. INCJ's capital and financial involvement as a major shareholder has declined from previous levels. - FY2023-Q3ReframedAnnual report
「Also on the same date, an agreement was entered into under which INCJ would transfer to Ichigo Trust all of its approximately ¥53.7 billion in receivables from the Company.」
INCJ’s role changed from its previous position as a capital and financial supporter through preferred shares and loans to the stage where the Company’s receivables were transferred to Ichigo Trust and the Series A preferred shares were acquired without consideration and cancelled. - FY2020ReframedAnnual report
「The company newly entered into a Preferred Share Subscription Agreement with INCJ for the issuance, by way of a private placement, of Class A preferred shares to INCJ, with total proceeds of ¥102 billion, conditional on the execution of the Ichigo Trust private placement and other matters」
INCJ's role changed from influence as a major shareholder to that of a capital and financial support provider through its underwriting of ¥102 billion of Class A preferred shares, a ¥50,000 million loan, and the settlement of JOLED shares in kind. - FY2020-Q3ReframedAnnual report
「The company newly entered into a Preferred Share Subscription Agreement concerning the issuance of Class A preferred shares to INCJ by way of a third-party allotment, with total proceeds of ¥102 billion.」
INCJ's involvement was restructured from influence as a major shareholder to a ¥102.0 billion capital injection through a private placement of Class A preferred shares and refinancing support. - FY2019RestatedAnnual report
「As of the end of the consolidated fiscal year, INCJ held common shares representing at least one-quarter of the company's voting rights,」
The company reiterated the situation in which INCJ holds a 25.29% voting interest and may influence basic policies concerning the appointment and dismissal of officers, corporate reorganisations, the sale of significant assets and dividends. - FY2019-Q2SoftenedAnnual report
「INCJ, Ltd. 1-4-1 Marunouchi, Chiyoda-ku, Tokyo 214,000,000 25.3」
The filing stated that INCJ held 214,000,000 shares, representing 25.3% of the total shares issued. This was down from the voting rights ratio of more than one-third stated in previous fiscal years and other periods. - FY2018RestatedAnnual report
「As of the end of the consolidated fiscal year, Innovation Network Corporation of Japan held common shares representing at least one-third of the voting rights in the Company.」
The company reiterated that the Innovation Network Corporation of Japan held at least one-third of the voting rights and could influence the basic policy. - FY2018-Q2RestatedAnnual report
「Innovation Network Corporation of Japan 214,000,000 35.58」
As of 30 September 2017, 産業革新機構 held 214,000,000 shares, representing 35.58% of total issued shares, and its voting-rights ratio remained above one-third from the previous fiscal year. - FY2017First statedAnnual report
「As of the end of the consolidated fiscal year, 株式会社産業革新機構 held common shares representing at least one-third of the Company's voting rights.」
The company identified as risks the fact that Innovation Network Corporation of Japan, its largest shareholder, holds at least one-third of the voting rights and may influence important policies, as well as the potential market impact of a share sale.