Dilution of shareholder value and changes in shareholder composition due to the 4th series of stock acquisition rights
First written in FY2018. 3 of 7 entries say "Materialised", first in FY2019-Q2. Latest entry: FY2020.
The whole theme swung hardest in 2017: 28 of 54 companies on the "Worse" side.
1 other company's latest entry also says "Achieved".
- FY2020AchievedAnnual report
「Decrease due to the exercise of the fourth series of stock acquisition rights 105,000,000 shares」
During the fiscal year under review, 105,000,000 shares underlying the fourth series of stock acquisition rights were exercised, leaving no balance of stock acquisition rights at the end of the consolidated fiscal year. The planned dilution through exercise had reached completion. - FY2020-Q3MaterialisedAnnual report
「Change in total number of issued shares 80,000,000 (Note) This increase was due to the exercise of stock acquisition rights.」
The exercise of stock acquisition rights resulted in the actual additional issuance of 80,000,000 common shares, further advancing dilution and changes in the shareholder composition. - FY2020-Q2MaterialisedAnnual report
「Change in total number of issued shares (shares): 25,000,000. (Note) This increase was due to the exercise of stock acquisition rights.」
The exercise of stock acquisition rights resulted in the additional issuance of 25,000,000 shares, creating a record that indicates further dilution of existing shareholders and a further change in the shareholder composition. - FY2019SoftenedAnnual report
「As of 31 October 2019, the number of potentially dilutive shares represented by these stock acquisition rights was 105,500,000, equivalent to 55.61% of the total number of issued common shares.」
The company disclosed that, after partial exercise of the total number of shares issuable under the fourth series of stock acquisition rights, the remaining potentially dilutive shares stood at 105,500,000, equivalent to 55.61% of the total number of issued common shares. The dilution risk remains, but has decreased from the original 221,000,000 shares to the remaining amount. - FY2019-Q2MaterialisedAnnual report
「The fourth series of stock acquisition rights held by EVO FUND were exercised on 13 May 2019. Class and number of shares issued: 116,000,000 common shares. As a result, EVO FUND's voting rights ownership ratio became 61.15%, making it the company's parent company and largest shareholder among its major shareholders.」
The exercise of the fourth series of stock acquisition rights resulted in the issuance of 116,000,000 shares and increased EVO FUND's voting rights ownership ratio to 61.15%. The disclosure states that dilution and a change in the shareholder composition had actually occurred. - FY2019-Q1RestatedAnnual report
「Class, details and number of shares underlying the stock acquisition rights (shares) * Common shares 221,000,000 (Note 1)」
The conditions giving rise to potential dilution of shareholder value in respect of the 221,000,000 shares underlying the fourth series of stock acquisition rights remain in place. - FY2018First statedAnnual report
「The shares to be issued upon exercise of these stock acquisition rights total 221,000,000, representing 299.90% of the company's 73,692,398 issued shares and constituting a large-scale capital increase that will dilute shareholder value. Exercise of these stock acquisition rights may also result in a change in the major shareholders and a change in the composition of the major shareholders.」
The exercise of the fourth series of stock acquisition rights could result in the issuance of 221,000,000 shares, equivalent to 299.90% of the total number of issued shares. The company explicitly identified dilution of shareholder value and changes in the major shareholder composition as risks for the first time.