Risk of Dilution to Existing Shareholder Value from the Exercise of Stock Acquisition Rights
First written in FY2021. 4 of 12 entries say "Mitigated", first in FY2022. Latest entry: FY2026.
The whole theme swung hardest in 2017: 28 of 54 companies on the "Worse" side.
50 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「As of the end of the consolidated fiscal year, the number of potential shares under this plan was 183,800, representing 3.1% of the total number of shares issued.」
The number of potential shares and their percentage of the total number of shares issued declined from 241,600 shares and 4.1% in the previous fiscal year to 183,800 shares and 3.1%. - FY2026-H1Additional issuance through the exercise of stock acquisition rightsAnnual report
「1 April 2025–30 September 2025 (Note) 1 17,700 5,904,516 2,703 650,900 2,703 550,900 (Note) 1. Increase due to the exercise of stock acquisition rights.」
During the interim consolidated accounting period, 17,700 shares were additionally issued upon the exercise of stock acquisition rights, increasing the total number of shares issued, share capital and capital reserves. - FY2025MitigatedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares associated with this scheme was 241,600, representing 4.1% of the total number of shares issued.」
The number of potential shares and the percentage of total shares issued decreased from 650,000 and 11.9% in the previous fiscal year to 241,600 and 4.1%, respectively. During the current fiscal year, 140,400 shares were issued through the exercise of stock acquisition rights. - FY2025-H1Additional issuance through the exercise of stock acquisition rightsAnnual report
「Between 1 April 2024 and 30 September 2024, the exercise of stock acquisition rights increased the total number of shares issued by 8,500 and increased both stated capital and capital surplus by ¥1.298 million.」
During the current interim consolidated accounting period, 8,500 shares were additionally issued through the exercise of stock acquisition rights. The company also disclosed that a further 9,400 shares were issued in October 2024. - FY2024-Q3Additional issuance through the exercise of stock acquisition rightsAnnual report
「1 October 2023–31 December 2023 (Note) 1 24,600 5,553,816 3,757 596,581 3,757 496,581 (Note) 1. Increase due to the exercise of stock acquisition rights. 2. Between 1 January 2024 and 31 January 2024, the exercise of stock acquisition rights increased the total number of shares issued by 7,100 and increased both stated capital and capital surplus by ¥1.084 million.」
During the third quarter, 24,600 shares were issued through the exercise of stock acquisition rights, followed by an additional 7,100 shares in January 2024. The number of shares issued through the exercise of stock acquisition rights continued to increase. - FY2024-Q2Additional issuance through the exercise of stock acquisition rightsAnnual report
「1 July 2023–30 September 2023 (Note) 1 50,800 5,529,216 7,759 592,823 7,759 492,823 (Note) 1. Increase due to the exercise of stock acquisition rights. 2. Between 1 October 2023 and 31 October 2023, the exercise of stock acquisition rights increased the total number of shares issued by 4,000 and increased both stated capital and capital surplus by ¥611 thousand.」
Between July and September 2023, 50,800 shares were issued through the exercise of stock acquisition rights, followed by an additional 4,000 shares in October. - FY2024-Q1Additional issuance through the exercise of stock acquisition rightsAnnual report
「(Note) Between 1 July 2023 and 31 July 2023, the exercise of stock acquisition rights increased the total number of shares issued by 13,100 and increased both stated capital and capital surplus by ¥2.001 million.」
In July 2023, after the quarter-end, 13,100 shares were additionally issued through the exercise of stock acquisition rights, increasing the number of shares issued, stated capital and capital surplus. - FY2023MitigatedAnnual report
「As of the date of filing this document, the number of potential shares associated with this scheme was 650,000, representing 11.9% of the total number of shares issued.」
The number of potential shares decreased from 710,000, or 13.1%, in the previous fiscal year to 650,000, or 11.9%, reducing the scale of the dilution risk. - FY2023-Q3Additional issuance through the exercise of stock acquisition rightsAnnual report
「Between 1 January 2023 and 31 January 2023, the exercise of stock acquisition rights increased the total number of shares issued by 15,000 and increased both stated capital and capital surplus by ¥2.287 million.」
In January 2023, after the quarter-end, 15,000 shares were additionally issued through the exercise of stock acquisition rights, increasing both stated capital and capital surplus by ¥2.287 million. - FY2023-Q1Issuance of Shares Through the Exercise of Stock Acquisition RightsAnnual report
「Increase resulting from the exercise of stock acquisition rights.」
During the first quarter, the exercise of stock acquisition rights increased the number of shares by 30,000, from 5,395,000 to 5,425,000. - FY2022MitigatedAnnual report
「As of the date of filing this document, the number of potential shares associated with this scheme was 710,000, representing 13.1% of the total number of shares issued.」
The number of potential shares decreased from 830,000, or 15.6%, as stated for the previous fiscal year, to 710,000, or 13.1%. - FY2021First statedAnnual report
「As of the date of filing this document, the number of potential shares associated with this scheme was 830,000, representing 15.6% of the total number of shares issued.」
While the company may continue the stock acquisition rights scheme as a long-term incentive for officers and employees to increase corporate value, it identifies dilution upon exercise of the rights as a risk.