35SV Paragon M. C47

 

TIDM35SV TIDMHNDA 
 
RNS Number : 1882U 
Pioneer Corporation 
19 June 2009 
 

For Immediate Release 
June 19, 2009 
Pioneer Announces Postponement of Issuance of 
New Shares Through Third-Party 
Allotment 
TOKYO - Pioneer Corporation (hereinafter "Pioneer") announced that the issuance 
of new shares through a third-party allotment to Honda Motor Co., Ltd. 
(hereinafter "Honda") is expected to be postponed as described below. Initially, 
it was scheduled to be completed before the end of June this year as announced 
in the news release "Pioneer Announces Issuance of New Shares Through 
Third-Party Allotment and Shelf Registration for Issuance of New Shares" on 
April 28, 2009. It is also possible that the terms and conditions of issuance 
may be modified as a result of future discussions with Honda. 
 
 
1.    Reason of postponement 
As previously announced, Pioneer is considering plans to raise roughly JPY40 
billion to meet anticipated funding needs for expenditures such as business 
restructuring expenses and redemption of convertible bonds. While considering 
all funding options, Pioneer is continuing to examine possible financial 
partnerships and is now negotiating with potential sponsors other than Honda as 
the counterparty of the financial partnerships. Under these circumstances, based 
on the status of negotiations with the potential sponsors, as a result of the 
discussions with Honda, the issuance of new shares is expected to be postponed 
from that which was initially scheduled. Please note that Honda still intends to 
subscribe for the new shares in an amount of approximately JPY2.5 billion. 
 
 
2.    Future prospects 
From now on, the schedule of the issuance of new shares is to be fixed until the 
financial partnerships have been finally agreed upon with the potential 
sponsors. The issue date and the closing date will be announced once they have 
been determined. The status of the issuance will also be announced by September 
this year. 
 
 
3.    Descriptions of "Pioneer Announces Business Results for Fiscal 2009" 
announced on May 13, 2009 
Notwithstanding the description under "Subsequent event" of "I. Consolidated 
Financial Statements for the Year Ended March 31, 2009" and "II. 
Non-Consolidated Financial Statements for the Year Ended March 31, 2009" in 
"Pioneer Announces Business Results for Fiscal 2009" announced on May 13, 2009 
to the effect that 14,700 thousand shares of common stock (6.5% of aggregate 
number of issued shares after the allotment) were scheduled to be issued before 
the end of June 2009, at an issue price in the amount of JPY170 per share (from 
which, an amount of JPY85 per share was to be accounted for as stated capital), 
and at an aggregate issue price in the amount of JPY2,499 million, the issuance 
is expected to be postponed as mentioned above. 
 
 
4.    Scheduled timing of expenditure of funds 
Notwithstanding the announcement of the scheduled timing of expenditure of funds 
to be the second quarter (from July to September) of fiscal 2010, the year 
ending March 31, 2010, it is possible that such timing of expenditure of funds 
may be delayed in accordance with this postponement. However, there will not be 
any particular impact on the cash management of Pioneer. 
 
 
Pioneer Corporation is a leading global manufacturer of consumer- and 
business-use electronics products such as audio, video and car electronics. Its 
shares are listed on the Tokyo Stock Exchange. 
 
 
# # # # # # 
 
 
For further information, please contact: 
Hideki Okayasu 
Managing Director, and General Manager of Finance and Accounting Division 
Pioneer Corporation, Tokyo 
Phone: +81-3-3494-1111 / Fax: +81-3-3495-4431 
E-mail: pioneer_shr@post.pioneer.co.jp 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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