Latest Tokyo Brief coverage on Japan Property Management Center Co.,Ltd., tracking filings, financial news, and market signals from Japan.
TSE:3276
Holders tendered 9,057,536 JPMC shares at ¥2,270, above the 5,049,300 minimum, but the bidders will still need a share-consolidation vote before the planned delisting from the Prime market, with settlement starting October 13.
Amsterdam1 and Amsterdam2 raised their tender offer for Japan Property Management Center to ¥2,270 a share on September 14, but cut the shares they plan to buy and lowered the acceptance minimum after agreeing that Hikari Tsushin group shareholders, holding 9.93% of the company, would sit the tender out entirely, with 8.69% of that stake later sold to JPMC as treasury stock through a related entity.
JPMC's board scrapped this year's dividend the same day it backed a take-private tender offer priced on the assumption shareholders would get no payout at all.
The company will dispose of 39,679 treasury shares to 370 employees on June 26 at ¥1,315 a share, for ¥52,177,885 in total. In most cases the stock stays restricted until just after retirement, so this is as much a retention tool as a pay package.