We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Mit.corp. 24 | LSE:17NX | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
TIDM17NX
RNS Number : 1912S
Mitsubishi Corporation
02 November 2023
Translation of report filed with the Tokyo Stock Exchange on November 2, 2023
Notice regarding Stock Split and Partial Amendment of Articles of Incorporation, as well as Interim Dividend and Revision of Year-end Dividend for the Year Ending March 2024
Mitsubishi Corporation (MC) has announced that at its meeting held today, the Board of Directors passed a resolution to conduct a stock split and institute a partial amendment to its articles of incorporation in conjunction with this split. Furthermore, MC has also decided to pay an interim dividend and to revise its year-end dividend forecast for the fiscal year ending March 2024 (April 1, 2023 to March 31, 2024). The details are as follows.
1. Stock Split
(1). Purpose of the stock split
The purpose of the stock split is to lower the stock price per investment unit to develop a more investor-friendly environment, encouraging the expansion of our investor base and increase in liquidity of MC's stock.
(2). Overview of the stock split
I. Method of the stock split
Each share of common stock owned by shareholders listed or recorded in the closing register of shareholders on the record date of Sunday, December 31, 2023, will be split into three shares.
Since this day falls on a non-business day of the shareholder registry administrator, the substantial record date will be Friday, December 29, 2023.
II. Number of shares to be increased by the stock split Total number of issued shares prior to the stock split 1,437,493,951 Number of shares to be increased by the stock split 2,874,987,902 --------------------------- Total number of issued shares after the stock split 4,312,481,853 --------------------------- Total number of authorized shares after the stock split 7,500,000,000 --------------------------- III. Schedule for the stock split Public notice of record date (scheduled) Friday, December 8, 2023 Record date Sunday, December 31, 2023 ------------------------------ Effective date Monday, January 1, 2024 ------------------------------
(3). Others
The stock split will not result in any change in MC's paid-in capital.
2. Partial Amendment of Articles of Incorporation
(1). Purpose of the amendment
The total number of authorized shares described in Article 6 of MC's articles of incorporation will be amended in conjunction with this stock split as provided for in Article 184 (2) of the Companies Act of Japan, effective Monday, January 1, 2024.
(2). Details of the amendment
(Changed portions are underlined)
Current Articles of Incorporation Articles of Incorporation after Amendment ARTICLE VI (Total Number ARTICLE VI (Total Number of Shares) of Shares) The total number of shares The total number of shares authorized to be issued by authorized to be issued by the Company shall be two thousand the Company shall be seven five hundred million (2,500,000,000) thousand five hundred million shares. (7,500,000,000) shares. -------------------------------
(3). Schedule of the amendment
Date of Board of Directors' Thursday, November 2, 2023 resolution Effective Date Monday, January 1, 2024 --------------------------- 3. Interim Dividend
(1). Details of the Dividend
Approved amount Latest forecast Actual previous (Announced interim dividend on May 9, 2023) Record date September 30, September 30, September 30, 2023 2023 2022 ------------------ ----------------- ------------------ Dividends per share 105 yen 100 yen 77 yen ------------------ ----------------- ------------------ Total amount of 146,990 million - 112,715 million dividend yen yen ------------------ ----------------- ------------------ Effective date December 1, - December 1, 2023 2022 ------------------ ----------------- ------------------ Source of funds Retained earnings - Retained earnings for dividend ------------------ ----------------- ------------------
Note: As the stock split is scheduled to take effect on January 1, 2024, the interim dividend for Fiscal year ending March 2024 with a record date of September 30, 2023, will be made based on the number of shares before the Stock Split.
(2). Reason for the Resolution
In accordance with "Midterm Corporate Strategy 2024," MC's basic dividend policy on shareholder returns is to maintain a progressive dividend scheme, whereby MC increases its dividend in response to its sustainable earnings growth. In light of the revision of the consolidated earnings forecast for the year ending March 31, 2024, as well as its expected stable and sustainable earnings growth in the future and market expectations, MC has decided to increase its original projection for the interim dividend per share from 100 yen to 105 yen. Accordingly, the Board of Directors today passed a resolution for the dividend.
4. Revision of the projected annual dividend for the year ending March 31, 2024
(1). Details of the Revision
Dividend per share (yen) Interim dividend -Year-end dividend Annual ----------------- ------------------- ------- Latest forecast (Announced on May 9, 2023) 100 100 200 ----------------- ------------------- ------- Revised forecast 35 - (Pre-Stock Split basis) (105) (210) ----------------- ------------------- ------- Fiscal year ending March 2024 105 ----------------- ------------------- ------- Fiscal year ending March 2023 77 103 180 ----------------- ------------------- -------
Note: The above forecasts are based on current data available as of the time of this release and certain assumptions that management believes to be reasonable. MC cannot guarantee, however, that performance will unfold as forecast. Actual dividends may differ materially from these statements for various reasons.
(2). Reason of the Revision
In accordance with reasons described in 3. (2). above, with Stock-Split effects, MC has decided to substantially increase its original projection for its Year-end dividend per share from 100 yen (Pre-Stock Split basis) to 35 yen (105 yen in Pre-Stock Split basis).
(End)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCKLLBBXFLXFBD
(END) Dow Jones Newswires
November 02, 2023 05:41 ET (09:41 GMT)
1 Year Mit.corp. 24 Chart |
1 Month Mit.corp. 24 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions