Neturen : Notice Concerning Decision on Matters Related to Purchase of Treasury Shares
June 09, 2022 at 06:52 am IST
Share
May 20, 2022
Company name:
Neturen Co., Ltd.
Name of representative:
Katsumi Omiya, Representative
Director, Member of the Board,
President and Chief Executive
Officer
(Securities code: 5976; Prime
Market of the Tokyo Stock
Exchange)
Inquiries:
Naoki Hisada, Executive Officer,
Head of Corporate Planning Office
(Telephone: +81-3-3443-5441)
Notice Concerning Decision on Matters Related to Purchase of Treasury Shares
(Purchase of treasury shares under the provisions of Neturen's Articles of Incorporation
pursuant to Paragraph 2, Article 165 of the Companies Act)
Neturen Co., Ltd. (the "Company") hereby announces that a resolution was passed, at a meeting of the Board of Directors held on May 20, 2022, regarding matters related to the purchase of its treasury shares in accordance with Article 156 of the Companies Act (the "Act"), as applied pursuant to Paragraph 3, Article 165 of the Act, as described below.
1. Reason for purchase of treasury shares
Based on the long-term management vision "NETUREN VISION 2030" and the capital allocation in the 15th Medium-term Management Plan, both of which were formulated in May 2021, the Company resolved to conduct share purchases to ensure the achievement of the goals of the 15th Medium-term Management Plan, in particular, with a view to implementing a flexible capital policy in response to changes in the business environment, increasing capital efficiency, as well as further increasing shareholder returns in light of the financial situation going forward.
2. Details of purchase
(1)
Class of shares to be
Common shares of the Company's stock
purchased
(2)
Potential total number of
3,125,000 shares (upper limit)
shares to be purchased
(7.83% of issued and outstanding shares (excluding treasury shares))
(3)
Total cost for purchase
1,500,000,000 yen (upper limit)
(4)
Period
May 23, 2022 to March 31, 2023
(5)
Method of purchase
Market purchases on the Tokyo Stock Exchange under a discretionary
investment method
(Reference) Number of treasury shares as of April 30, 2022
Number of issued shares
39,906,382 shares
(excluding treasury shares)
Number of treasury shares
1,000,118 shares
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Neturen Co. Ltd. published this content on 09 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 01:21:01 UTC.
Neturen Co., Ltd. is a Japan-based company primarily engaged in the manufacture and sale of prestressed concrete(PC) steel bars, steel wires and induction heating equipment. The Company is also enagegd in the leasing of office buildings and other related research and development business. It has two business segments. The Product-related segment manufactures and sells PC steel bar-related products for civil engineering and construction works, and high-strength spring steel wire-related products for automobile and two-wheel vehicle suspension springs. The Induction Heating (IH)-related segment offers induction heating apparatus, construction machine parts, and automobile components, including hollow rack bars and worm wheels. This segment is also involved in the heat treatment and processing businesses. The Company is also engaged in the leasing of office buildings and others.