August 30, 2012
Sumitomo Metal Industries, Ltd.
Notice Regarding the Decision on Particulars Related to Acquisition of the Company's Own Shares and Their Cancellation (Acquisition of the Company's own shares pursuant to the Articles of Incorporation
based on the provision of Item 1 of Article 459 of the
Companies Act and
Cancellation of the Company's own shares pursuant to the
Article 178 of the Companies Act)
Sumitomo Metal Industries, Ltd. (Sumitomo Metals) announced
that the Board of Directors, at a meeting held on August 30,
2012, made a resolution to acquire its own shares, pursuant
to the Articles of Incorporation based on the provision of
Item 1 of Article 459 of the Companies Act, and to cancel its
own shares, pursuant to the Article 178 of the Companies
Act.
1. Reasons for acquisition and cancellation of own shares
Nippon Steel Corporation, which holds Sumitomo Metals'
shares, gave notification of its intention to sell the shares
in the market as its initial objective of deepening the
business alliance has been achieved and the business
integration of both companies is scheduled to be conducted on
October 1, 2012. Sumitomo Metals will therefore acquire its
own shares in a method that allows the company to avoid
impacts on the demand-supply balance of its shares.
In addition, Sumitomo Metals will cancel those own shares
with the aim of eliminating concerns over dilution.
2. Particulars related to the acquisition.
(1) | Type of shares to be acquired: | The Company's common stock |
(2) | Number of shares to be acquired: | Up to 500 million shares (10.79% of the total shares |
issued and outstanding excluding treasury shares) | ||
(3) | Total acquisition amount: | Up to 75 billion yen |
(4) | Acquisition period: | From August 31, 2012 to September 25, 2012 |
(5) | Acquisition method: | To use Off-Auction Own Share Repurchase Trading |
3. Cancellation
(1) | Type of shares to be canceled: | The Company's common stock |
(2) | Number of shares to be canceled: | Total shares of the Company's own shares that are |
acquired as in section 2 above. | ||
(3) | Planned date of cancellation: | September 28, 2012 |
(Reference)
Holding of the Company's treasury shares as of July 31,
2012
Number of issued and outstanding shares (excluding own
shares): 4,635,662,621shares
Treasury shares: 170,311,617 shares
distributed by |