Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
6.2
% (increase in the number of shares upon full exercise of all subscription rights to shares, as a percentage of the total number of shares issued)Wording
Definitive
How definitive the wording is.Details of issuance or disposal
Issuance of subscription rights to shares (paid and free stock options)
Who receives how much
11th Series Subscription Rights to Shares: 690,000 shares (6,900 rights × 100 shares); 12th Series Subscription Rights to Shares: 790,000 shares (7,900 rights × 100 shares)
6 directors of the CompanyEquivalent to 690,000 shares (6,900 rights)
6 employees of the Company and its subsidiariesEquivalent to 790,000 shares (7,900 rights)
The height of each bar represents the proportion of shares received by each allottee. The thin line below represents the number of existing shares to which these shares are added.
11th Series Subscription Rights to Shares: ¥30 per right; 12th Series Subscription Rights to Shares: free of charge
Total issue value
11th Series Subscription Rights to Shares: ¥207,000 (¥30 × 6,900 rights); 12th Series Subscription Rights to Shares: ¥0
Amount of funds to be raised
Total amount to be paid in: ¥207,000 (11th Series Subscription Rights to Shares); estimated net proceeds: Not disclosed. No payment is required for the 12th Series Subscription Rights to Shares.
発行済株式総数
Approximately 6.2% (the increase in the number of shares upon full exercise of these subscription rights to shares, as a percentage of the total number of shares issued)
The dilution rate shows what proportion the newly issued shares represent of the existing shares. The higher the proportion, the more the value and voting rights per share are diluted.
Terms of the stock acquisition rights
Exercise price
¥74 per share. Adjustment provisions apply in the event of a share split, share consolidation, or the issuance of new shares or disposal of treasury shares at a price below market value, among other events. The lower limit of the adjustment is Not disclosed.
Exercise period
From 27 June 2028 through 26 June 2036 (if the final day is not a bank business day, the immediately preceding bank business day)
Number of Stock Acquisition Rights
11th Series: total number issued, 6,900 rights; outstanding unexercised rights: Not disclosed. 12th Series: total number issued, 7,900 rights; outstanding unexercised rights: Not disclosed
Reason for acquisition without consideration
If approval is obtained at a shareholders meeting or through other means for a corporate reorganization, or if a holder of subscription rights to shares becomes unable to exercise the rights under the exercise conditions, the Company may acquire all of these subscription rights to shares free of charge upon the arrival of a date separately determined by the Board of Directors.
Categories and Number of Persons Covered
6 directors of the Company: 6,900 rights; 6 employees of the Company and its subsidiaries: 7,900 rights
Payment date
21 July 2026 (11th Series Subscription Rights to Shares)
Basis for determining the amount to be paid
The issue price of the 11th Series Subscription Rights to Shares was determined with reference to the valuation calculated by the third-party valuation institution 株式会社赤坂国際会計 using a Monte Carlo simulation and taking into account share price information and other factors. The exercise price is ¥74, the closing price for ordinary trading on the Tokyo Stock Exchange on 25 June 2026. The discount rate and premium rate are Not disclosed.
Procedures under the Corporate Code of Conduct
The 11th Series Subscription Rights to Shares will be issued without shareholder approval because they are not issued on particularly favorable terms. The 12th Series Subscription Rights to Shares will also be issued without shareholder approval because the Company considers that they do not constitute an issue on favorable terms.
Most recent equity financing
Announced on 26 June 2026: issuance of new shares and 10th Series Subscription Rights to Shares through a third-party allotment (specific amounts and number of shares are Not disclosed in this document)
Impact on Business Performance
The specific impact on earnings from the issuance of these subscription rights to shares is Not disclosed. The Company aims to achieve medium- to long-term earnings growth and increases in corporate and shareholder value.
| Item | Details |
|---|---|
| Type of issuance or disposal | Issuance of subscription rights to shares (paid and free stock options) |
| Number of shares to be issued or disposed of | 11th Series Subscription Rights to Shares: 690,000 shares (6,900 rights × 100 shares); 12th Series Subscription Rights to Shares: 790,000 shares (7,900 rights × 100 shares) |
| Issue price and disposal price | 11th Series Subscription Rights to Shares: ¥30 per right; 12th Series Subscription Rights to Shares: free of charge |
| Total issue value | 11th Series Subscription Rights to Shares: ¥207,000 (¥30 × 6,900 rights); 12th Series Subscription Rights to Shares: ¥0 |
| Amount of funds to be raised | Total amount to be paid in: ¥207,000 (11th Series Subscription Rights to Shares); estimated net proceeds: Not disclosed. No payment is required for the 12th Series Subscription Rights to Shares. |
| Payment date | 21 July 2026 (11th Series Subscription Rights to Shares) |
| Intended allottee | Name 6 directors of the Company / Number of Shares Equivalent to 690,000 shares (6,900 rights), Name 6 employees of the Company and its subsidiaries / Number of Shares Equivalent to 790,000 shares (7,900 rights) |
| Dilution Rate | Approximately 6.2% (the increase in the number of shares upon full exercise of these subscription rights to shares, as a percentage of the total number of shares issued) |
| Basis for determining the amount to be paid | The issue price of the 11th Series Subscription Rights to Shares was determined with reference to the valuation calculated by the third-party valuation institution 株式会社赤坂国際会計 using a Monte Carlo simulation and taking into account share price information and other factors. The exercise price is ¥74, the closing price for ordinary trading on the Tokyo Stock Exchange on 25 June 2026. The discount rate and premium rate are Not disclosed. |
| Exercise price | ¥74 per share. Adjustment provisions apply in the event of a share split, share consolidation, or the issuance of new shares or disposal of treasury shares at a price below market value, among other events. The lower limit of the adjustment is Not disclosed. |
| Exercise period | From 27 June 2028 through 26 June 2036 (if the final day is not a bank business day, the immediately preceding bank business day) |
| Number of Stock Acquisition Rights | 11th Series: total number issued, 6,900 rights; outstanding unexercised rights: Not disclosed. 12th Series: total number issued, 7,900 rights; outstanding unexercised rights: Not disclosed |
| Reason for acquisition without consideration | If approval is obtained at a shareholders meeting or through other means for a corporate reorganization, or if a holder of subscription rights to shares becomes unable to exercise the rights under the exercise conditions, the Company may acquire all of these subscription rights to shares free of charge upon the arrival of a date separately determined by the Board of Directors. |
| Categories and Number of Persons Covered | 6 directors of the Company: 6,900 rights; 6 employees of the Company and its subsidiaries: 7,900 rights |
| Procedures under the Corporate Code of Conduct | The 11th Series Subscription Rights to Shares will be issued without shareholder approval because they are not issued on particularly favorable terms. The 12th Series Subscription Rights to Shares will also be issued without shareholder approval because the Company considers that they do not constitute an issue on favorable terms. |
| Most recent equity financing | Announced on 26 June 2026: issuance of new shares and 10th Series Subscription Rights to Shares through a third-party allotment (specific amounts and number of shares are Not disclosed in this document) |
| Impact on Business Performance | The specific impact on earnings from the issuance of these subscription rights to shares is Not disclosed. The Company aims to achieve medium- to long-term earnings growth and increases in corporate and shareholder value. |
Items this document does not state (11)
Estimated issuance expensesSpecific use of fundsIntended allottee's holding policyTotal number of issued sharesTransfer restriction periodConditions for lifting transfer restrictionsTotal Stock-Based CompensationUnderwriter / lead underwriterOverallotmentStock Split RatioMajor shareholders after the offering
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To increase the motivation and morale of directors and employees in order to advance the initiatives under the medium-term management plan and new business concepts related to real estate RWAs, thereby contributing to medium- to long-term earnings growth and increases in corporate and shareholder value.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.