PR Newswire
ST. PETER PORT, Guernsey, November 10, 2017
ST. PETER PORT, Guernsey, November 10, 2017 /PRNewswire/ --
The Company announces approval of the partial sale the 3rd stock acquisition rights of the parent company (Company) held by The Prospect Japan Fund Limited ("TPJF"), a wholly owned subsidiary of the Company.
Record
1. Subsidiary company name
The Prospect Japan Fund Limited
2. Summary of sale
Sale date 20 November 2017 (planned)
Stock Acquisition Right to be The Company's 3rd Stock Acquisition Right
sold (hereinafter referred to as "SAR")
Number of SARs to be sold 235 units (ï¼'unit gives the right to acquire
109,756 shares)
Sale amount JPY 417,072.8 per unit (JPY 3.8 per share)
Number of potential shares 25,792,660 shares
related to SARs to be sold
Total sale amount JPY 98,012,108
Exercise price JPY 49.2 per share
Total exercise amount JPY 1,268,998,872
Method of sale Sale to single investor in the overseas market
(hereinafter referred to as "the buyer")
Buyer Arrowsmith Fund, Ltd. (Located in British Virgin
Islands)
There is no business relationship between the
Company and the buyer.
Other Agreed by written document on 10 November 2017
(planned) (1) the buyer must not exercise the
rights to have a voting right holding ratio of
20% or more or to become a "other affiliated
company" of the Company, (2) the buyer will make
all reasonable effort not to exercise the right
to hold the voting right holding ratio of 10% or
more. The Company assumes that we receive a
statement from the seller in the same manner that
there is no intention of affecting management
control of the Company through holding of shares.
3. Reason for sale
Under the provisions of Article 135 of the Companies Act (Prohibition of Acquisition of Parent Company's Shares), TPJF, a subsidiary, will dispose of the Stock Acquisition Rights as it cannot acquire parent company shares (Company shares) through the exercise of the Stock Acquisition Rights.
4. Future forecasts
There is no serious impact on our business results from this transaction.
Company Name: Prospect Company Limited
Representative: President and CEO Curtis Freeze
(Security Code: 3528 TSE 2nd Section)
Contact:
Representative Director
Masato Tabata
(TEL: 03-3470-8411)
