Latest Tokyo Brief coverage on Future Corporation, tracking filings, financial news, and market signals from Japan.
TSE:4722
Future will cancel 6,648,879 treasury shares on December 24 only if shareholders approve a 10,000,000-to-1 consolidation on November 30; delisting is planned for December 23 and the consolidation takes effect on December 25.
Keywest Network's tender offer for Future Corporation has closed with the buyer group at 82.88% of the company, financed largely by a ¥106bn Sumitomo Mitsui Banking Corporation loan secured against the shares themselves, and a share consolidation to force out remaining holders is now planned for late November or early December.
Key West Network, wholly owned by Future Corporation's own chairman through a Singapore holding vehicle, collected 43.3mn tendered shares at ¥2,451 each and is set to lift its voting stake to 82.78% once settlement begins on September 17, ahead of a planned squeeze-out that would delist the Tokyo Prime-listed firm.
Keywest Network, the buyout vehicle run by Future Corporation's own chairman, is offering ¥2,451 per share and will cancel the year-end dividend once enough shareholders tender, part of a plan to delist the Tokyo IT consultant.
Current holdings disclosed by tracked funds.