IR News

【PARK24 Co., Ltd. 】Park24 Announces Two-for-One Stock Split and Dividend Increase

Park24 has resolved at the meeting of its Board of Directors held today, on October 13, 2004, to split the stock of the Company at the ratio of 2 shares for each share, and to increase the projected year-end dividend.

1. Stock split (free distribution)
(1) Purpose of the split
  The purpose of this split is to improve the availability of the Companys stock by decreasing the price of 100-share unit, which is expected to improve market liquidity and to expand shareholder base.
(2) Outline of the split
1. The number of shares to be increased upon the split
  The aggregate number of issued and outstanding shares as of October 31, 2004 (Sun.), practically at the close of October 29, 2004 (Fri.) since the transfer agent is closed on the scheduled date and the day before, multiplied by 1.0.
2. Method of the split
  The numbers of shares held by the shareholders whose names appear on the register of shareholders and the register of beneficial shareholders as of October 31, 2004 (Sun.), practically at the close of October 29, 2004 (Fri.) since the transfer agent is closed on the scheduled date and the day before, shall be split at the ratio of 2 shares for each share.
(3) Distribution date for the new shares:
  December 20, 2004 (Mon.)
(4) Commencement date for calculation of dividends:
  November 1, 2004 (Mon.)
(5) Increase in the number of authorized shares:
  The Company is to increase the number of authorized shares of common stock under the Companys charter by 70,920,000 shares to 141,840,000 shares on December 20, 2004 (Mon.).
(6) Any decision regarding this split is to be made by the Board of Directors.
 
2. Dividend increase
The projected year-end dividend has been adjusted for the split and also increased, reflecting the Companys growth and enhancing shareholders value.
 
Dividend for the term ending Oct. 31, 2004
  Projected dividend
(as of June 16, 2004)		 Projected dividend
(Post-split)		 Last years dividend
[Term to Oct/2003]
Year-end dividend
per share		 12.00 yen 20.00 yen 12.00 yen
Adjusted for the split 6.00 yen 10.00 yen -
Annual dividend
per share		 12.00 yen 20.00 yen 12.00 yen
Adjusted for the split 6.00 yen 10.00 yen -
 
[For reference]
1. The number of shares to be increased upon the split is not determined, because the aggregate number of issued and outstanding shares may increase due to the exercise of stock option until the record date of the split, and the aggregate number of issued and outstanding shares as of the record date of the split shall not be fixed at this point.
2. The aggregate number of issued and outstanding shares after the stock split is, if computed based on the aggregate number of issued and outstanding shares as of September 30, 2004, as follows:
 
- The number of shares as of September 30, 2004: 35,937,726 shares
- The number of shares to be increased upon this split: 35,937,726 shares
- The number of shares after the split: 71,875,452 shares
3. Upon the stock split the amount of stated capital shall not change.
 
- The stated capital as of September 30, 2004: 5,056,616,328 yen
4. Exercise prices for the stock acquisition rights shall be adjusted after November 1, 2004 as follows:
 
Date of approval at the shareholders meeting Date of issue Exercise price before the split Exercise price after the split
January 28, 2000 *1 February 8, 2000 2,312 yen 1,156 yen
January 30, 2002 *1 February 12, 2002 2,730 yen 1,365 yen
January 29, 2004 *2 March 24, 2004 3,369 yen 1,685 yen
 
*1.
*2. 		Pursuant to Article 280-19 sec. 1 of the Commercial Code of Japan.
Pursuant to Articles 280-20 and 280-21 of the Commercial Code of Japan.

For more information or questions regarding this news release, please e-mail us at: keiki-pg@park24.co.jp