SOFTBANK INVESTMENT CORPORATION (head office: Minato Ward, Tokyo, representative: Yoshitaka Kitao, “SBI”), a subsidiary of SOFTBANK FINANCE CORPORATION (wholly owned subsidiary of SOFTBANK CORP. (the “Company”), head office: Minato Ward, Tokyo, representative: Yoshitaka Kitao, “SBF”), which is the Operating Holding Company for financial business operations in the SOFTBANK Group, has approved at its board meeting a plan to issue new shares and a plan to sell the newly issued shares. The new share issue by SBI will reduce the ratio of SBF’s equity holdings in SBI. As a result, the status of SBI will change from the Company’s subsidiary to the Company’s affiliated company under the equity method. Therefore, consolidated subsidiaries of the Company operating under the wings of SBI will be excluded from the scope of consolidation of the Company.
common shares: 1,250,000 shares
to be determined on a day between March 7 (Monday), 2005 and March 9 (Wednesday), 2005, in accordance with provisions set under 14-7-2 of the fair practice rules of the Japan Securities Dealers Association.
common shares up to 187,500 shares
to be determined (Sales price is to be the same as issue price under public subscription as explained in (1).)
(Capital increase through third-party share allotment; shares are to be allotted to third parties in line with new share sales as explained in (2))
common shares 187,500 shares
Issue price is to be the same as issue price under public subscription as explained in (1).
| Address | Roppongi 1-6-1, Minato Ward, Tokyo |
|---|---|
| Name of representative | Yoshitaka Kitao |
| Capital | 8.5 billion yen (as of the end of September 2004) |
| Business line | comprehensive financial services |
| Number of voting rights | SBF’s voting-rights ratio against voting rights by all shareholders | |
|---|---|---|
| Before SBI status change | 3,269,895 | 46.9% |
| After SBI status change | 3,269,895 | 38.9% |
Figures shown above include new shares to be issued under public subscription and new shares to be issued through third-party allotment, based on shareholders registered as of September 30, 2004.
On a day between March 15, 2005 and March 17, 2005 (planned)
As SBI’s status changes from the Company’s consolidated subsidiary to an affiliated company under the equity method, the Company’s subsidiaries operating under the wings of SBI will also be excluded from the scope of consolidation. One such subsidiary is described below
| Address | Roppongi 1-6-1, Minato Ward, Tokyo |
|---|---|
| Name of representative | Taro Izuchi |
| Capital | 13 billion yen (as of the end of September 2004) |
| Business line | securities business |
In line with new share issues, SBI’s status will change from the Company’s consolidated subsidiary to an affiliated company under the equity method. Dilution gain from changes in equity interest is expected to be recognized as a special income of the Company on a consolidated basis in the fourth quarter of fiscal 2005 ending in March 2005.
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