IR News

【PARK24 Co., Ltd. 】PARK24 Announces Two-for-One Stock Split

TOKYO, Japan, September 28, 2006 -- PARK24 (The Company) has resolved at the meeting of its Board of Directors held on September 28, 2006, to split the common stock of the Company at the ratio of 2 Shares for each share.

1. Purpose of the split
  The purpose of the stock split is to improve the availability of the Companys stock by lowering the price of 100-share unit, which is expected to enhance market liquidity and to broaden 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 Tuesday, October 31, 2006 multiplied by 1.0
(2) Method of the split
  The numbers of shares held by the shareholders as of Tuesday, October 31, 2006 shall be split at the ratio of 2 shares for each share
3. Schedule
(1) Record date of the stock split: Tuesday October 31, 2006
(2) Commencement date for calculation of dividends: Wednesday November 1, 2006
(3) Distribution of the new shares: Wednesday December 20, 2006
4. Any decision regarding this split is to be made by the Board of Directors.
 
[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. The aggregate number of issued and outstanding shares as of the recorded 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 August 31, 2006, as follows:
 
?The number of shares as of August 31, 2006: 73,441,652 shares
?The number of shares to be increased upon this split: 73,441,652 shares
?The number of shares after the stock split: 146,883,304 shares
3. The amount of stated capital shall not change in relation to this stock split.
 
The stated capital as of August 31, 2006: 6,061,608,928 yen
4. The Board of Directors authorized to amend the Article 5 of the Articles of Incorporation of the Company to the effect that the number of authorized shares to be increased by 141,840,000 shares to 283,680,000 shares, pursuant to Article 184-2 of Japanese Company Law.
5. The Company intends to send the information on share certificates on newshares and share ownership on December 20, 2006, to the registered addresses of shareholders. Shareholders using the securities custody and book-entry system are able to sell new shares issued by stock split from November 1, 2006.
6. Since the stock split is effective after November 1, 2006, the year-end dividends for the fiscal year ending October 31, 2006 will be distributed only to the shares prior to the stock split.
7. The exercise prices for the stock acquisition rights shall be adjusted after November 1, 2006 as follows:
 
Date of approval at the shareholders meeting Date of issue Exercise price before the split Exercise price after the split
Jan. 28, 2000 (*1) Feb. 8, 2000 1,156 yen 578 yen
Jan. 30, 2002 (*1) Feb. 12, 2002 1,365 yen 683 yen
Jan. 29, 2004 (*2) Mar. 24, 2004 1,685 yen 843 yen
Jan. 26, 2006 (*2) Apr. 14, 2006 4,275 yen 2,138 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.
8. The conversion price of the euro-yen convertible bonds with stock acquisition rights due 2026 shall be adjusted after November 1, 2006 as follows:
 
Conversion price before the stock split: 5,500 yen
Conversion price after the stock split: 2,750 yen