Dilution of Share Value Through Exercise of Stock Acquisition Rights
First written in FY2017. 5 of 13 entries say "Mitigated", first in FY2020. Latest entry: FY2026.
Kourakuen moved to the "Worse" side of this theme in 2018, 3 years before the typical company in this theme (2021).
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
「FY2022 stock acquisition rights Number of stock acquisition rights: 205 FY2024 stock acquisition rights Number of stock acquisition rights: 3,455」
The potential for future dilution decreased from 4,140 to 3,455 for the FY2024 rights and from 270 to 205 for the FY2022 rights. - FY2025-H1WorsenedAnnual report
「FY2024 stock acquisition rights (number of stock acquisition rights: 4,140).」
In addition to the 270 remaining FY2022 stock acquisition rights, 4,140 FY2024 stock acquisition rights were reported, creating new potential for future dilution of equity value. - FY2024-Q3MitigatedAnnual report
「2022 stock acquisition rights (number of stock acquisition rights: 3,620). 2022 stock acquisition rights (number of stock acquisition rights: 240). The number decreased by 3,185 as a result of the waiver of rights by directors and employees.」
The balance of stock acquisition rights fell sharply, reducing the potential for future dilution of equity value. - FY2024-Q2MitigatedAnnual report
「2022 stock acquisition rights (number of stock acquisition rights: 3,775). 2022 stock acquisition rights (number of stock acquisition rights: 270). The number decreased by 3,175 as a result of the waiver of rights by directors and employees.」
The balance of stock acquisition rights fell sharply from 3,775 to 270, reducing the potential for future dilution of equity value. - FY2024-Q1MitigatedAnnual report
「FY2022 stock acquisition rights (number of stock acquisition rights: 1,780).」
The reported balance of FY2022 stock acquisition rights decreased from 3,500 at the end of the previous fiscal year to 1,780. The potential for future dilution has declined. - FY2023Change in the number of unexercised stock acquisition rightsAnnual report
「FY2022 stock acquisition rights (number of stock acquisition rights: 3,500).」
The reported number of unexercised FY2022 stock acquisition rights decreased from 3,620 previously to 3,500. - FY2023-Q3Change in the number of unexercised stock acquisition rightsAnnual report
「FY2022 stock acquisition rights (number of stock acquisition rights: 3,620).」
The reported number of unexercised FY2022 stock acquisition rights changed from 3,775 previously to 3,620. - FY2023-Q2Change in the number of unexercised stock acquisition rightsAnnual report
「FY2022 stock acquisition rights (number of stock acquisition rights: 3,775).」
For the FY2022 stock acquisition rights, the reported number of unexercised rights changed from 4,065 at grant to 3,775. - FY2022WorsenedAnnual report
「The number of stock acquisition rights shall be 4,065. … The period during which these stock acquisition rights may be exercised shall be from 25 June 2024 to 24 June 2027.」
New stock acquisition rights covering up to 406,500 shares were issued, creating renewed potential for future dilution of equity value. - FY2020MitigatedAnnual report
「Exercised (shares) 157,100 Expired (shares) 152,200 Remaining unexercised (shares) —」
Although dilution occurred from the exercise of stock options, no unexercised shares remained, eliminating the potential for additional dilution in the future. - FY2019MaterialisedAnnual report
「Exercised (shares) 129,000 Expired (shares) 45,000 Remaining unexercised (shares) 309,300」
The exercise of stock options resulted in dilution of 129,000 shares, while 45,000 shares expired, leaving 309,300 shares unexercised. - FY2018MaterialisedAnnual report
「Sale upon exercise of stock options: 35,700 shares」
The exercise of stock acquisition rights resulted in the issuance of 35,700 shares, partially materializing the dilution risk. The remaining unexercised balance was 483,300 shares. - FY2017First statedAnnual report
「If these stock acquisition rights are exercised, dilution of the Company's equity value per share could cause short-term changes in the supply-demand balance and affect share price formation.」
The company has disclosed dilution of equity value per share from the exercise of stock acquisition rights as a new risk. At the fiscal year-end, 536,000 shares underlying the rights remained unexercised.