Sanken Electric : Announcement Concerning Acquisition of Treasury Stock in Conjunction with Treatment of Less Than One share of Fractional Stock Attributable to Reverse Stock Split
November 05, 2018 at 01:13 am EST
Share
To Whom It May Concern
Date: November 5, 2018
Company Name:
Sanken Electric Co., Ltd.
Representative:
Takashi Wada
Representative Director, President
Code No.:
6707 (the TSE, 1st Section)
Inquiries:
Akihiro Goto
General Manager, Finance and
Investor Relations Division
TEL:
(048) 487-6121
Announcement Concerning Acquisition of Treasury Stock in Conjunction with Treatment of
Less Than One share of Fractional Stock Attributable to Reverse Stock Split
(Acquisition of treasury stock pursuant to the paragraph 2 of Article 235 and paragraphs 4 and 5 of Article 234 in the
Companies Act)
Sanken Electric Co., Ltd. (Hereinafter "the Company") that at a meeting of the Board of Directors held on November 5, 2018, it has made a decision on the handling of less than one share of fractional stock attributable to a reverse stock split pursuant to the paragraph 2 of Article 235 and paragraphs 4 and 5 of Article 234 in the Companies Act. Details are as follows.
1. Overview of the acquisition
Effective October 1, 2018, the Company conducted a reverse stock split (five shares merged into one share) according to a resolution by the 101st Ordinary General Meeting of Shareholders held on June 22, 2018.
With regard to the handling of less than one share of fractional stock resulting from the reverse stock split, the Company has decided to purchase such fractional shares and hold them as treasury shares pursuant to the paragraph 2 of Article 235 and paragraphs 4 and 5 of Article 234 in the Companies Act.
2. Details of the acquisition
(1) Type of shares to be acquired: The Company's commons shares
(2) Total number of shares to be acquired: 614 shares
(3) Total amount to be paid in exchange for the acquisition:
An amount calculated by multiplying the closing price of the Company's common shares as of the purchase date (November 5, 2018) on the Tokyo Stock Exchange by the total number of shares to be acquired.
(4) Acquisition date: November 5, 2018
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Sanken Electric Co. Ltd. published this content on 05 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 November 2018 06:12:07 UTC
Sanken Electric Co Ltd is a Japan-based semiconductor manufacturing company. The Company operates in two business segments. The Semiconductor Device segment is engaged in the manufacture and sale of semiconductor devices, such as power modules, power integrated circuits (IC), control ICs, hall sensors, transistors, diodes, light-emitting diodes (LED), LED lighting products. The Power System segment is involved in the manufacture and sale of uninterruptible power supply (UPS) products, general purpose inverters, direct current power supply units, high intensity air fault lamps, power storage systems, power conditioners, switching power supply products and transformers.
Sanken Electric : Announcement Concerning Acquisition of Treasury Stock in Conjunction with Treatment of Less Than One share of Fractional Stock Attributable to Reverse Stock Split