Progress of Equity Issuance

 

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RNS Number : 8830G 
Pioneer Corporation 
09 February 2010 
 

 
 
 
For Immediate Release 
February 9, 2010 
  Pioneer Announces Progress of Issuance of 
 New Shares Through Third-Party 
                       Allotment to Honda Motor Co., Ltd. 
Pioneer Corporation (hereinafter "Pioneer") announced today an update on the 
progress of the issuance of new shares through a third-party allotment to Honda 
Motor Co., Ltd. (hereinafter "Honda") as described below (hereinafter the 
"Issuance of New Shares").  We have earlier made announcements regarding the 
postponement of such issuance on June 19, September 28, and December 28, 2009. 
 
1.  Current Status of the Issuance of New Shares 
As Pioneer separately announced today, a meeting of its board of directors held 
today resolved to (i) issue new shares in an international offering; (ii) 
strengthen the business alliance with and issue new shares through third-party 
allotment to Mitsubishi Electronic Corporation; and (iii) form a business 
alliance with and issue new shares through a third-party allotment to Mitsubishi 
Chemical Corporation. 
As a result of the discussions with Honda and considering the progress of the 
aforementioned financings, both companies have agreed to complete the Issuance 
of New Shares by March 31, 2010. 
 
2.  Future Prospects 
The detailed schedule of the Issuance of New Shares is to be finalized through 
future discussions with Honda. The issue date and the closing date will be 
announced once they have been determined. 
 
3.  Scheduled Timing of Expenditure of Funds 
The timing of the expenditure of funds is scheduled for the year ending March 
2011.  This delay from the originally planned second quarter of the year ended 
March 31, 2010 (from July to September of 2009) will not have any particular 
impact on the cash management of Pioneer. 
 
For the details on issuances of new shares described in 1. above, please see the 
announcements "Pioneer Announces Issuance of New Shares", "Pioneer Announces 
Strengthening of Business Alliance with Mitsubishi Electric Corporation and 
Issuance of New Shares Through Third-Party Allotment" and "Pioneer Announces 
Business Alliance with Mitsubishi Chemical Corporation and Issuance of New 
Shares Through Third-Party Allotment", which were also released today. 
 
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For further information, please contact: 
Hideki Okayasu 
Senior Managing Director and Representative Director 
Pioneer Corporation, Japan 
Phone: [phone] / Fax: [phone] 
E-mail: [e-mail] 
IR Website: http://pioneer.jp/ir-e/ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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