Market News

Jan. 12, 2018 TSE Cancellation of Designation of Securities Under Supervision (Confirmation): TOEI REEFER LINE LTD.

 

The designation of Securities Under Supervision (Confirmation) will be cancelled for the stock of TOEI REEFER LINE LTD. as follows.

1.Issue Name TOEI REEFER LINE LTD. stock
(Code: 9133, Market Division: JASDAQ Standard)
2.Date of Cancellation of Designation of Securities Under Supervision (Confirmation) Jan. 13, 2018(Sat.)
Provision Securities Listing Regulations, Rule 604-2, Paragraph 1, Item 3
(Rule 601, Paragraph 1, Item 18-2 and Item 20 of the same regulations are related rules.)
(Due to not having fallen under a case where a special controlling shareholder acquires all shares by means of a demand for share, etc. cash-out, or other cases where the Exchange deems delisting as appropriate.)
3.Reason TOEI REEFER LINE LTD. (hereinafter "the Company") disclosed on Nov. 8, 2017 that the Company had adopted a resolution that indicated approval of a takeover bid to be made by OCEAN, LTD. (unlisted) (hereinafter "the bidder") for shares of the Company, which was premised on the subsequent delisting of the shares.
The Company had also made the following announcement:
(1) If the takeover bid is completed with the bidder acquiring 90% or above of the total voting rights of the Company, the bidder will demand the sale of all remaining shares; and
(2) If the takeover bid is completed with the bidder failing to acquire 90% or above of the total voting rights of the Company, the bidder will demand the Company to put forth an agenda item regarding a reverse stock split with the ratio at which the number of shares held by the shareholders (excluding the bidder) of the Company will be a fraction less than one share at a general shareholders meeting after the completion of the takeover bid.
As such, based on this announcement, TSE had deemed that the stock of the Company was likely to be delisted, and had designated such stocks as Securities Under Supervision (Confirmation).
Today, TSE has decided to cancel the designation of Securities Under Supervision (Confirmation) for the Company's stock, because the Company announced the failure of the takeover bid.
Current Designations of Securities Under Supervision & Securities to Be Delisted
Designation History of Securities Under Supervision & Securities to Be Delisted

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