TIDM17NX
RNS Number : 1912S
Mitsubishi Corporation
02 November 2023
Translation of report filed with the Tokyo Stock Exchange on
November 2, 2023
Notice regarding Stock Split and Partial Amendment of Articles
of Incorporation, as well as Interim Dividend and Revision of
Year-end Dividend for the Year Ending March 2024
Mitsubishi Corporation (MC) has announced that at its meeting
held today, the Board of Directors passed a resolution to conduct a
stock split and institute a partial amendment to its articles of
incorporation in conjunction with this split. Furthermore, MC has
also decided to pay an interim dividend and to revise its year-end
dividend forecast for the fiscal year ending March 2024 (April 1,
2023 to March 31, 2024). The details are as follows.
1. Stock Split
(1). Purpose of the stock split
The purpose of the stock split is to lower the stock price per
investment unit to develop a more investor-friendly environment,
encouraging the expansion of our investor base and increase in
liquidity of MC's stock.
(2). Overview of the stock split
I. Method of the stock split
Each share of common stock owned by shareholders listed or
recorded in the closing register of shareholders on the record date
of Sunday, December 31, 2023, will be split into three shares.
Since this day falls on a non-business day of the shareholder
registry administrator, the substantial record date will be Friday,
December 29, 2023.
II. Number of shares to be increased by the stock split
Total number of issued shares prior
to the stock split 1,437,493,951
Number of shares to be increased by
the stock split 2,874,987,902
---------------------------
Total number of issued shares after
the stock split 4,312,481,853
---------------------------
Total number of authorized shares after
the stock split 7,500,000,000
---------------------------
III. Schedule for the stock split
Public notice of record date (scheduled) Friday, December
8, 2023
Record date Sunday, December
31, 2023
------------------------------
Effective date Monday, January
1, 2024
------------------------------
(3). Others
The stock split will not result in any change in MC's paid-in
capital.
2. Partial Amendment of Articles of Incorporation
(1). Purpose of the amendment
The total number of authorized shares described in Article 6 of
MC's articles of incorporation will be amended in conjunction with
this stock split as provided for in Article 184 (2) of the
Companies Act of Japan, effective Monday, January 1, 2024.
(2). Details of the amendment
(Changed portions are underlined)
Current Articles of Incorporation Articles of Incorporation
after Amendment
ARTICLE VI (Total Number ARTICLE VI (Total Number
of Shares) of Shares)
The total number of shares The total number of shares
authorized to be issued by authorized to be issued by
the Company shall be two thousand the Company shall be seven
five hundred million (2,500,000,000) thousand five hundred million
shares. (7,500,000,000) shares.
-------------------------------
(3). Schedule of the amendment
Date of Board of Directors' Thursday, November 2, 2023
resolution
Effective Date Monday, January 1, 2024
---------------------------
3. Interim Dividend
(1). Details of the Dividend
Approved amount Latest forecast Actual previous
(Announced interim dividend
on May 9, 2023)
Record date September 30, September 30, September 30,
2023 2023 2022
------------------ ----------------- ------------------
Dividends per share 105 yen 100 yen 77 yen
------------------ ----------------- ------------------
Total amount of 146,990 million - 112,715 million
dividend yen yen
------------------ ----------------- ------------------
Effective date December 1, - December 1,
2023 2022
------------------ ----------------- ------------------
Source of funds Retained earnings - Retained earnings
for dividend
------------------ ----------------- ------------------
Note: As the stock split is scheduled to take effect on January
1, 2024, the interim dividend for Fiscal year ending March 2024
with a record date of September 30, 2023, will be made based on the
number of shares before the Stock Split.
(2). Reason for the Resolution
In accordance with "Midterm Corporate Strategy 2024," MC's basic
dividend policy on shareholder returns is to maintain a progressive
dividend scheme, whereby MC increases its dividend in response to
its sustainable earnings growth. In light of the revision of the
consolidated earnings forecast for the year ending March 31, 2024,
as well as its expected stable and sustainable earnings growth in
the future and market expectations, MC has decided to increase its
original projection for the interim dividend per share from 100 yen
to 105 yen. Accordingly, the Board of Directors today passed a
resolution for the dividend.
4. Revision of the projected annual dividend for the year ending March 31, 2024
(1). Details of the Revision
Dividend per share (yen)
Interim dividend -Year-end dividend Annual
----------------- ------------------- -------
Latest forecast
(Announced on May
9, 2023) 100 100 200
----------------- ------------------- -------
Revised forecast 35 -
(Pre-Stock Split
basis) (105) (210)
----------------- ------------------- -------
Fiscal year ending
March 2024 105
----------------- ------------------- -------
Fiscal year ending
March 2023 77 103 180
----------------- ------------------- -------
Note: The above forecasts are based on current data available as
of the time of this release and certain assumptions that management
believes to be reasonable. MC cannot guarantee, however, that
performance will unfold as forecast. Actual dividends may differ
materially from these statements for various reasons.
(2). Reason of the Revision
In accordance with reasons described in 3. (2). above, with
Stock-Split effects, MC has decided to substantially increase its
original projection for its Year-end dividend per share from 100
yen (Pre-Stock Split basis) to 35 yen (105 yen in Pre-Stock Split
basis).
(End)
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END
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