Avant : Notice Concerning Determination of Matters Relating to Acquisition of Shares under the Share Grant System
December 20, 2023 at 11:33 am IST
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December 20, 2023
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Company Name: Avant Group Corporation
Name of Representative: Tetsuji Morikawa, President
and Group CEO
(Code: 3836, TSE Prime Market)
Inquiries: Naoyoshi Kasuga, Director and Group CFO
(TEL: 03-6388-6739)
Notice Concerning Determination of Matters Relating to Acquisition of Shares under
the Share Grant System
AVANT Group hereby announces that, the Board of Directors at a meeting held today, it resolved to add Executive Officers of AVANT Group to the share granting plan (hereinafter referred to as "the System" and the System already established for the introduction of the System is referred to as "the Trust") introduced on August 15, 2023 for employees of AVANT Group and its operating companies AVANT CORPORATION, Internet Disclosure Co., Ltd., ZEAL CORPORATION, DIVA CORPORATION, and decided that AVANT Group will entrust additional money for the trustee of the Trust under the plan to acquire additional stocks of AVANT Group. Details are as below.
For an overview of the System, please refer to the press release "Notice Concerning Introduction of Restricted Share Granting System for Employees (RS Trust)" dated August 4, 2023.
1.Outline of the addition to the System
Aiming to realize our medium-term management plan "BE GLOBAL 2028", which started this fiscal year, we have decided to introduce incentives for Executive Officers using a trust for the purpose of further link the long-term management strategy with the compensation system and to foster motivation for medium-term growth.
This system adopts a Restricted Stock Delivery Trust (RS Trust). The subjects to be added this time are Executive Officers of AVANT Group, and as part of the compensation for Executive Officers, this system is to grant Stocks whose transfer restrictions will be lifted at the time of their retirement.
The incentive for our Executive Officers will be implemented in the form of an additional trust to
be incorporated into the trust for the restricted stock grant plan for employees that has already been introduced for employees.
2. Overview of the Trust
(1)
Name
Share delivery trust for Employees
(2)
Settlor
AVANT Group Corporation
(3)
Trustee
Sumitomo Mitsui Trust Bank
(Re-trustee : Custody Bank of Japan, Ltd.)
(4)
Beneficiary
Employees who satisfy the beneficiary requirements
(5)
Trust administrator
Plan to select a third party that is independent of AVANT Group
and its officers
(6)
Exercise of Voting Rights
Throughout the period of the trust, the voting rights of the Shares
held in the trust will be exercised by the Trustee based on
instructions from the trust administrator.
(7)
Type of trust
Trust of money other than "money trust" (third party benefit trust)
(8)
Date of Trust Agreement
August 15, 2023
(9)
Date of Entrustment of Monies
December 28, 2023
(10) Date of Trust Termination
December 31, 2028 (scheduled)
2. Matters concerning the acquisition of shares of the Company by the trustee of the Trust
(1)
Type of shares to be acquired
Common stock of AVANG Group
(2)
Amount to be entrusted as
JPY 470,000,000
funds for share acquisition
(3)
Method of share acquisition
Acquisition from the stock market
(4)
Share acquisition period
From December 28, 2023 to February 29, 2024 (planned)
Ends
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Disclaimer
Avant Corporation published this content on 20 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2023 06:02:30 UTC.
Avant Group Corp is a Japan-based company mainly engaged in the development, sales and maintenance of software and systems to promote management reform, and the provision of software-based consulting and business process outsourcing (BPO) services. The Company operates through three segments. The Group Governance segment is engaged in the sale of licenses for DivaSystem, an in-house developed package software for consolidated management and consolidated accounting, and the provision of consulting services for its introduction. The Digital Transformation Promotion segment provides system integration services for the utilization of information called business intelligence (BI). The Outsourcing segment provides outsourcing services for operations such as consolidated accounting and consolidated tax payment.