Uchiyama Holdings shareholders approved a plan to cut stated capital to ¥100mn from ¥2.22bn by moving ¥2.12bn into other capital surplus, with the change scheduled to take effect on July 28.
On paper, that is a large cut. In substance, the company describes it as an internal equity reshuffle, not a cash return: the reduction is a gratuitous capital reduction, and the filing says the total number of issued shares, net assets and net assets per share will stay the same. Uchiyama says the aim is to strengthen its financial structure, support efficient management and preserve flexibility and agility for future capital policy. If stock acquisition rights are exercised before the effective date, it says it will reduce capital by an equivalent additional amount and book that to other capital surplus as well.
Shareholders gave the plan comfortable backing. Proposal 1 won 99.27% support at the June 25 annual meeting, and all five resolutions were approved.
Separately, the company corrected a June 25 restricted-stock disclosure for directors and subsidiary directors. The revision raises the in-kind compensation claims to ¥5.59mn from ¥5.21mn and the share allotment to 16,494 from 15,380, while keeping the issue price at ¥339 a share.