Waseda Gakushukenkyukai (TSE Standard: 5869) bought 1,000,000 of its own shares on 27 October 2026 for ¥1.289bn, taking 9.90% of its issued shares excluding treasury stock. The seller was its founder and representative director and chairman, who asked to sell part of his holding. The purchase ended the buyback authorised the day before.
How the trade worked
The company bought through ToSTNeT-3, the Tokyo Stock Exchange's off-auction trading facility for own-share purchases. The board resolution of 26 October set ceilings of 1,100,000 shares (10.89% of issued shares excluding treasury stock) and ¥1.4179bn. The final purchase came in below both limits. The notice does not give a per-share price.
Why the company took the shares
The company said it weighed what would happen to its share price if the chairman sold his shares on the market in a short period. It concluded that buying them itself would avoid that market impact. It also said the shares could fund its restricted-stock compensation plan for officers and employees, and that the purchase would allow more flexible capital policy and help capital efficiency.
The shareholder register shifts
The chairman had been a controlling shareholder other than a parent company, and a major shareholder. By tendering shares he lost both categories as of 27 October. As of 31 May 2026, voting rights attributed to him totalled 62,891 votes, or 62.44%, covering 6,289,150 shares. That included 17.41% held directly and 45.02% in holdings aggregated with his. After the trade, his total is 7,541 votes, or 8.31%, covering 754,150 shares.
The post-trade percentage uses a smaller denominator: the company cancelled 10,000 votes through the buyback, leaving 90,724 total votes. The company estimates from its 31 May shareholder register that he remains the second-largest shareholder.
The company said the change in major shareholders will have no effect on its results.