At our board of directors today, we decided to discontinue and abolish the “Countermeasures to Large-scale Purchase of Company’s Shares” (hereafter “Current policy”), which expires at the end of our 121st General Meeting of Shareholders (hereafter “General Meeting of Shareholders”) scheduled to be held in June 2020 and we announce the details as follows.
Note
At our board of directors held on February 5, 2008, we resolved to introduce a countermeasure to deal with large-scale purchases of our shares with the aim of securing and enhancing our corporate value and the common interests of shareholders. We received shareholder approval at our 109th General Meeting of Shareholders held on June 27, 2008. Subsequently, in our 118th General Meeting of Shareholders held on June 23, 2017, we received the approval to continue the policy with partial revision and still continues today. However, the effective term of the current policy will expire at the end of the General Meeting of Shareholders.
We have carefully examined the appropriateness of continuing Current Policy based on the views of institutional investors and other shareholders. However, we have determined that the necessity of Current Policy has been relatively reduced due to changes in the environments, such as recent trend in anti-takeover measures, from the time of Current Policy approval. Accordingly, we have decided not to continue Current Policy and abolish it after the expiry of its effective term.Even after the abolition of our Current Policy, we continue to make efforts to ensure and enhance our corporate value and the common interests of our shareholders. We ask for the continued support our shareholders.
SOURCE: NTN
