TIDM17NX

RNS Number : 1912S

Mitsubishi Corporation

02 November 2023

Translation of report filed with the Tokyo Stock Exchange on November 2, 2023

Notice regarding Stock Split and Partial Amendment of Articles of Incorporation, as well as Interim Dividend and Revision of Year-end Dividend for the Year Ending March 2024

Mitsubishi Corporation (MC) has announced that at its meeting held today, the Board of Directors passed a resolution to conduct a stock split and institute a partial amendment to its articles of incorporation in conjunction with this split. Furthermore, MC has also decided to pay an interim dividend and to revise its year-end dividend forecast for the fiscal year ending March 2024 (April 1, 2023 to March 31, 2024). The details are as follows.

   1.    Stock Split 

(1). Purpose of the stock split

The purpose of the stock split is to lower the stock price per investment unit to develop a more investor-friendly environment, encouraging the expansion of our investor base and increase in liquidity of MC's stock.

(2). Overview of the stock split

   I.              Method of the stock split 

Each share of common stock owned by shareholders listed or recorded in the closing register of shareholders on the record date of Sunday, December 31, 2023, will be split into three shares.

Since this day falls on a non-business day of the shareholder registry administrator, the substantial record date will be Friday, December 29, 2023.

   II.             Number of shares to be increased by the stock split 
 
              Total number of issued shares prior 
               to the stock split                                     1,437,493,951 
              Number of shares to be increased by 
               the stock split                                        2,874,987,902 
                                                        --------------------------- 
              Total number of issued shares after 
               the stock split                                        4,312,481,853 
                                                        --------------------------- 
              Total number of authorized shares after 
               the stock split                                        7,500,000,000 
                                                        --------------------------- 
 
   III.            Schedule for the stock split 
 
              Public notice of record date (scheduled)                Friday, December 
                                                                           8, 2023 
              Record date                                             Sunday, December 
                                                                          31, 2023 
                                                        ------------------------------ 
              Effective date                                          Monday, January 
                                                                           1, 2024 
                                                        ------------------------------ 
 

(3). Others

The stock split will not result in any change in MC's paid-in capital.

   2.    Partial Amendment of Articles of Incorporation 

(1). Purpose of the amendment

The total number of authorized shares described in Article 6 of MC's articles of incorporation will be amended in conjunction with this stock split as provided for in Article 184 (2) of the Companies Act of Japan, effective Monday, January 1, 2024.

(2). Details of the amendment

(Changed portions are underlined)

 
   Current Articles of Incorporation       Articles of Incorporation 
                                                 after Amendment 
 ARTICLE VI (Total Number                ARTICLE VI (Total Number 
  of Shares)                              of Shares) 
  The total number of shares              The total number of shares 
  authorized to be issued by              authorized to be issued by 
  the Company shall be two thousand       the Company shall be seven 
  five hundred million (2,500,000,000)    thousand five hundred million 
  shares.                                 (7,500,000,000) shares. 
                                        ------------------------------- 
 

(3). Schedule of the amendment

 
 Date of Board of Directors'   Thursday, November 2, 2023 
  resolution 
 Effective Date                 Monday, January 1, 2024 
                              --------------------------- 
 
   3.   Interim Dividend 

(1). Details of the Dividend

 
                        Approved amount    Latest forecast     Actual previous 
                                              (Announced       interim dividend 
                                            on May 9, 2023) 
 Record date             September 30,      September 30,       September 30, 
                              2023               2023                2022 
                      ------------------  -----------------  ------------------ 
 Dividends per share        105 yen            100 yen             77 yen 
                      ------------------  -----------------  ------------------ 
 Total amount of        146,990 million           -            112,715 million 
  dividend                    yen                                    yen 
                      ------------------  -----------------  ------------------ 
 Effective date           December 1,             -              December 1, 
                              2023                                   2022 
                      ------------------  -----------------  ------------------ 
 Source of funds       Retained earnings          -           Retained earnings 
  for dividend 
                      ------------------  -----------------  ------------------ 
 

Note: As the stock split is scheduled to take effect on January 1, 2024, the interim dividend for Fiscal year ending March 2024 with a record date of September 30, 2023, will be made based on the number of shares before the Stock Split.

(2). Reason for the Resolution

In accordance with "Midterm Corporate Strategy 2024," MC's basic dividend policy on shareholder returns is to maintain a progressive dividend scheme, whereby MC increases its dividend in response to its sustainable earnings growth. In light of the revision of the consolidated earnings forecast for the year ending March 31, 2024, as well as its expected stable and sustainable earnings growth in the future and market expectations, MC has decided to increase its original projection for the interim dividend per share from 100 yen to 105 yen. Accordingly, the Board of Directors today passed a resolution for the dividend.

   4.   Revision of the projected annual dividend for the year ending March 31, 2024 

(1). Details of the Revision

 
                                  Dividend per share (yen) 
                       Interim dividend   -Year-end dividend   Annual 
                      -----------------  -------------------  ------- 
 Latest forecast 
  (Announced on May 
  9, 2023)                   100                 100            200 
                      -----------------  -------------------  ------- 
 Revised forecast                                 35             - 
  (Pre-Stock Split 
   basis)                                        (105)          (210) 
                      -----------------  -------------------  ------- 
 Fiscal year ending 
  March 2024                 105 
                      -----------------  -------------------  ------- 
 Fiscal year ending 
  March 2023                  77                 103            180 
                      -----------------  -------------------  ------- 
 

Note: The above forecasts are based on current data available as of the time of this release and certain assumptions that management believes to be reasonable. MC cannot guarantee, however, that performance will unfold as forecast. Actual dividends may differ materially from these statements for various reasons.

(2). Reason of the Revision

In accordance with reasons described in 3. (2). above, with Stock-Split effects, MC has decided to substantially increase its original projection for its Year-end dividend per share from 100 yen (Pre-Stock Split basis) to 35 yen (105 yen in Pre-Stock Split basis).

(End)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCKLLBBXFLXFBD

(END) Dow Jones Newswires

November 02, 2023 05:41 ET (09:41 GMT)

Mit.corp. 24 (LSE:17NX)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Mit.corp. 24 Charts.
Mit.corp. 24 (LSE:17NX)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Mit.corp. 24 Charts.