May 15, 2006 |
Notice of Reverse Split of Shares |
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We hereby notify that at the Board of Director's Meeting
held on May 15, 2006, it was resolved that the following proposal
for a reverse split of shares will be submitted to the eighth
annual meeting of shareholders to be held on June 28, 2006. |
| 1 | Outline of Reverse Split of Shares | |
| (1) |
Purpose of Reverse Split |
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| The purpose of the reverse split of shares is to clearly show the share price and various indicators per share to shareholders and investors by optimizing the number of shares issued, since the total number of shares issued is too large, and considering market capitalization of our company. | ||
| (2) |
Method of Reverse Split |
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| 109,075,446 common shares issued will be split into 109,075 shares, with 1,000 shares being merged into one share. | ||
| (3) |
Schedule |
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| 1. | Board of Directors' Meeting | May 15, 2006 |
| 2. | General shareholders meeting | June 28, 2006 |
| 3. | No trading period | September 26, 2006 -September 29, 2006 |
| 4. | Deadline for submission of share certificates | September 29, 2006 |
| (Period for submission of share certificates August 28 2006 -September 29, 2006) | ||
| 5. | Effective date of reverse split | September 30, 2006 |
| 6. | Delivery of new share certificates | November 20, 2006 |
| (4) |
Conditionsof Reverse Split |
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| The changes explained above are contingent upon approval
of the proposal for the reverse split of shares at the eighth annual
meeting of shareholders to be held on June 28, 2006. |
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We will revise the trading unit at the Tokyo Stock Exchange from 1,000 shares to one share on September 30, 2006, when the reverse split will take effect. Therefore, virtually no changes will be made in the trading unit from its current 1,000 shares per unit. |
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We consider that there will be no influence on either convenience or liquidity in investing in the stock market. |
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| *To shareholders and investors, | |
| We sincerely ask for your understanding and cooperation regarding the reverse split, even though there will be a period of 4 days of no trading. | |
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