Potential dilution from conversion of preferred shares into common shares
First written in FY2016. 10 of 17 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2025: 2 of 10 companies on the "Worse" side.
4 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「Following the exercise of the acquisition request right by ＮＡＪホールディングス株式会社 as of 15 September 2023, all 460,000 Class 2 preferred shares were acquired in exchange for 161,800 common shares. In addition, pursuant to a resolution of the Board of Directors dated 28 September 2023, all of the Class 2 preferred shares acquired were cancelled as of 6 October 2023.」
The annual report reconfirmed that all 460,000 Class 2 preferred shares had been converted, acquired and cancelled, confirming that no potential dilution from preferred shares remains. - FY2024-Q2AchievedAnnual report
「Following the exercise of the acquisition request right by ＮＡＪホールディングス株式会社 as of 15 September 2023, all 460,000 Class 2 preferred shares were acquired in exchange for 161,800 common shares. In addition, pursuant to a resolution of the Board of Directors dated 28 September 2023, all of the Class 2 preferred shares acquired were cancelled as of 6 October 2023.」
All 460,000 remaining Class 2 preferred shares were acquired and cancelled after conversion into 161,800 common shares. Potential dilution from the conversion of preferred shares into common shares has been eliminated. - FY2024-Q1MitigatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 666,666 shares (calculated based on 460,000 issued Class 2 preferred shares as of 2 August 2023; equivalent to 20.9% of common shares issued as of the same date)」
For the remaining Class 2 preferred shares following the cancellation of all Class 1 preferred shares, the maximum number of common shares issuable upon conversion was stated as 666,666, equivalent to 20.9% of common shares issued. The ratio has declined from the previously disclosed 23.6%. - FY2023MitigatedAnnual report
「Following the exercise of the acquisition request right by ＮＡＪホールディングス株式会社 as of 27 March 2023, all 783,000 Class 1 preferred shares were acquired in exchange for 361,162 common shares. In addition, all of the acquired Class 1 preferred shares were cancelled pursuant to a resolution of the Board of Directors dated 29 March 2023.」
All 783,000 Class 1 preferred shares were acquired and cancelled after conversion into 361,162 common shares. Potential dilution arising from the Class 1 preferred shares has been eliminated, but the Class 2 preferred shares retain potential for conversion. - FY2023-Q3RestatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 692,920 shares (calculated based on 783,000 issued Class 1 preferred shares as of 3 February 2023; equivalent to 24.5% of common shares issued as of the same date)」
Regarding potential dilution from the conversion of preferred shares into common shares, the disclosure again states a maximum of 692,920 common shares for the Class 1 preferred shares, equivalent to 24.5% of common shares issued. For the Class 2 preferred shares, the previously disclosed maximum of 666,666 shares, equivalent to 23.6%, remains in place. - FY2023-Q2RestatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 692,920 shares (calculated based on 783,000 issued Class 1 preferred shares as of 4 November 2022; equivalent to 24.5% of common shares issued as of the same date)」
Even after the partial acquisition and cancellation of preferred shares, the Class 1 preferred shares retain potential dilution of 692,920 common shares, equivalent to 24.5% of common shares issued. For the Class 2 preferred shares, a maximum of 666,666 shares, equivalent to 23.6%, is also disclosed. - FY2023-Q1RestatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 692,920 shares (calculated based on 783,000 issued Class 1 preferred shares as of 10 August 2022; equivalent to 24.5% of common shares issued as of the same date)」
Even after the acquisition and cancellation of preferred shares, the Class 1 preferred shares retain potential dilution of 692,920 common shares, equivalent to 24.5% of common shares issued. For the Class 2 preferred shares, a maximum of 666,666 shares, equivalent to 23.6%, is also disclosed. - FY2022RestatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 692,920 shares (calculated based on 783,000 issued Class 1 preferred shares as of 22 June 2022; equivalent to 24.5% of common shares issued as of the same date)」
Even after the partial acquisition and cancellation of preferred shares, the Class 1 preferred shares retain potential for dilution through conversion into common shares. For the Class 2 preferred shares, a maximum of 666,666 shares, equivalent to 23.6% of common shares, was also disclosed. - FY2022-Q3RestatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 692,920 shares (calculated based on 783,000 issued Class 1 preferred shares as of 3 February 2022; equivalent to 24.5% of common shares issued as of the same date) Maximum number of common shares to be delivered upon exercise of the acquisition request right: 666,666 shares (calculated based on 460,000 issued Class 2 preferred shares as of 3 February 2022; equivalent to 23.6% of common shares issued as of the same date)」
It was disclosed that, even after the acquisition and cancellation of preferred shares, the Class 1 and Class 2 preferred shares retain potential for dilution through conversion into common shares. - FY2022-Q2RestatedAnnual report
「Maximum number of common shares to be delivered upon exercise of the acquisition request right: 692,920 shares (calculated based on 783,000 issued Class 1 preferred shares as of 5 November 2021; equivalent to 24.5% of common shares issued as of the same date) Maximum number of common shares to be delivered upon exercise of the acquisition request right: 666,666 shares (calculated based on 460,000 issued Class 2 preferred shares as of 5 November 2021; equivalent to 23.6% of common shares issued as of the same date)」
Even after the acquisition and cancellation of preferred shares, the Class 1 and Class 2 preferred shares retain potential for dilution through conversion into common shares. - FY2022-Q1MitigatedAnnual report
「On 11 June 2021, pursuant to Article 11-20 of our Articles of Incorporation, we acquired 1,000,000 Class 2 preferred shares from NEC Corporation and cancelled them on the same date.」
1 million Class 2 preferred shares were acquired and cancelled, reducing issued Class 2 preferred shares from 1.46 million to 460,000. Potential dilution exposure from conversion into common shares declined. - FY2021MitigatedAnnual report
「At a meeting of the Board of Directors held on 26 May 2021, we resolved to acquire a portion of the Class 2 preferred shares issued by the company pursuant to Article 11-20 of the company's Articles of Incorporation and, subject to that acquisition, to cancel the shares pursuant to Article 178 of the Companies Act. The acquisition and cancellation were carried out on 11 June 2021.」
We acquired 1 million Class 2 preferred shares from NEC Corporation and cancelled them as of 11 June 2021. Issued Class 2 preferred shares decreased from 1.46 million to 460,000, reducing potential dilution exposure from conversion into common shares. - FY2021-Q2MitigatedAnnual report
「As of 31 August 2020, we cancelled the class shares acquired through the exercise of the acquisition request right by NEC Corporation, as follows. Class 1 preferred shares: 17,000 shares (acquired on 30 July 2020) Class 2 preferred shares: 40,000 shares (acquired on 31 August 2020)」
Through NEC Corporation's exercise of the acquisition request right, a total of 57,000 Class 1 and Class 2 preferred shares were acquired and cancelled. Potential dilution exposure from the conversion of preferred shares into common shares declined. - FY2020RestatedAnnual report
「No rights were exercised.」
The potential dilution structure arising from the conversion of preferred shares into common shares remains, but no rights were exercised during the fiscal year. - FY2018RestatedAnnual report
「The characteristics of the Class 2 preferred shares (bonds with share acquisition rights with provisions for exercise price adjustments) are as follows. (1) If the acquisition price is revised downward due to a decline in the market price of the company's common shares, the number of common shares delivered upon exercise of the acquisition request right will increase.」
The potential dilution structure involving common shares arising from adjustments to the conversion price of the preferred shares continues to be disclosed. The maximum number of common shares to be delivered for the Class 2 preferred shares was set at 2,173,913, equivalent to 76.8% of the total number of common shares issued. - FY2018-Q2RestatedAnnual report
「As approval has been obtained to consolidate 10 common shares into 1 share, the conversion price and minimum conversion price of the Class 1 and Class 2 preferred shares will be adjusted as of the effective date of the share consolidation, 1 October 2017.」
The disclosure states that the conversion price and minimum conversion price of the preferred shares will be adjusted in connection with the share consolidation. The potential dilution structure arising from the conversion of preferred shares into common shares remains in place. - FY2016First statedAnnual report
「If the acquisition price is revised downward due to a decline in the market price of the company's common shares, the number of common shares delivered upon exercise of the acquisition request right will increase.」
For Class 2 preferred shares, the maximum number of common shares to be delivered is 21,739,130, equivalent to 76.8% of the total number of common shares issued.