Axelmark’s ¥3.9bn plan would make Convano both parent and lender
Axelmark wants Convano to buy 45 million new shares at ¥20 for a ¥900 million equity injection and provide a commitment-type term loan facility of up to ¥3 billion. If the package closes on July 2, Convano would become parent and controlling shareholder with 68.91% of voting rights, dilution would run to 221.53% against shares outstanding and 221.60% against voting rights, and several proposed board nominees would come from Convano's orbit.