Mitsui today announced that Mitsui's subsidiary, TELEPARK Corporation ("Telepark"), have announced a share buy-back program through public tender offering ("the Program"). Outline of the Program is explained in the following manner.
Mitsui also announced to agree with Telepark to participate the Program process, since the purpose of the Program to seek an appropriate ratio of tradable shares will be in line with Mitsui's interest.
1) Outline of the Program
The Program will be effective, subject to approvals for merger agreement at both shareholders' meetings of MS Communications Co., Ltd. (to be held on 25 June, 2008) and of Telepark (to be held on 26 June, 2008)
|The Program Starting Date
||June 30, 2008(scheduled)
|The Program Closing Date
||July 28, 2008(scheduled)
|Settlement Commencement Date
||August 4, 2008(scheduled)
2) Outline of the tender offering
|Class of shares to be purchased
|Price of shares to be purchased
||¥96,000 per share
|Number of shares to be purchased
||Up to 50,673 shares(15.38% of shares in issue)
|Aggregate purchase price of shares
||Approximately ¥4.9 billion
3) Financial Impact
Mitsui intends to sell an equivalent number of shares offered by Telepark under the Program. However, the definitive amount to be sold cannot be determined at this moment, as number of shares will be allocated on a pro-rata basis among participants. Accordingly the financial impact on Mitsui's consolidated net income will be announced upon completion of the process.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.