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Mar. 25, 2020 TSE Dividends and Other Ex-rights at the End of the Fiscal Year Ending March 31, 2020

 

Based on the impacts of the Coronavirus (COVID-19), the Ministry of Justice has indicated that "In the event that a situation has arisen in which it is impossible to hold an ordinary general meeting of shareholders at the time stipulated in the Articles of Incorporation, it would be sufficient to hold an ordinary general meeting of shareholders within a reasonable period of time after the situation has been resolved. The Companies Act provides that the ordinary general meeting of shareholders of a corporation shall be convened at a certain time after the end of each business year (Article 296, Paragraph 1 of the Companies Act), but does not require that an ordinary general meeting of shareholders be held within three months after the end of the business year."（*1）

If a listed company whose fiscal year ends on March 31 is unable to hold an ordinary general meeting of shareholders within 3 months after the end of the current fiscal year and the record date for dividends and other rights is changed from the end of the fiscal year, and if investors do not hold the issue by the last day with rights after the change, it will not be granted dividends or other rights.（*2）

We ask investors to take note of the possibility that such events may occur depending on the schedule of the general meeting of shareholders of a listed company.


*1：Please refer to "http://www.moj.go.jp/MINJI/minji07_00021.html" of the Ministry of Justice website.

*2：In the securities venue of Tokyo Stock Exchange Inc. ("TSE"), the base price (hereinafter referred to as the "base price") for the limit on the bid price range of share certificates at the ex-dividend date (usually the day 1 prior to the record date for dividends [usually the last day of the business year]) is calculated by subtracting the expected dividend disclosed by the listed companies (in principle, the dividend amount for the same period of the previous fiscal year if the dividend forecast has not been determined or disclosed), from the final price for dividends. As in the past, TSE will set the base price for listed companies whose fiscal year ends in March as a general rule on the ex-dividend date (March 30). The base price is set to set the limit range of the bid price and is not intended to indicate the theoretical price or fair price of the issue.

Enquiry

Tokyo Stock Exchange, Inc.　Equities Department
TEL:Tel: +81-3-3666-0141


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