TIDMMBC
RNS Number : 4239F
Mitsubishi Corporation
20 February 2015
February 20, 2015
Mitsubishi Corporation
Notice Regarding the Transfer of MC Food Specialties Inc. Stocks
to
Mitsubishi Corporation Life Science Limited by Corporate
Divestiture
Mitsubishi Corporation ("MC") (TSE 8058; LSE MBC) hereby
announces its decision to transfer stocks held in MC Food
Specialties Inc. ("MCFS") to wholly-owned subsidiary Mitsubishi
Corporation Life Science Limited ("MCLS") by means of an
absorption-type company split, with effect from April 1, 2015.
Some details have been omitted from this notice as it covers a
"simplified absorption-type company split" involving MC and its
100% consolidated subsidiary.
1. Purpose of company split
MCLS already has two subsidiaries, Mitsubishi Shoji Foodtech
Co., Ltd. and Kohjin Life Science Co., Ltd., both of which are
engaged in the food science business. Bringing MCFS under MCLS will
therefore allow MC to reinforce its management infrastructure for
the food science business field.
2. Outline of company split
1) Schedule
Resolution of Board February 20, 2015
of Directors
------------------------ ------------------
Conclusion of Agreement February 20, 2015
------------------------ ------------------
Scheduled Effective April 1, 2015
Date of Company Split
------------------------ ------------------
Note: Since this company split constitutes a simple
absorption-type split as stipulated in Article 784, Paragraph 3 of
the Companies Act, obtaining approval at the Company's general
meeting of shareholders is not required.
2) Method
This will be an absorption-type split in which MC will be the
split company and MCLS will be the successor company.
3) Allotment of shares
The successor company MCLS will issue 50,057 shares of common
stock, all of which will be allotted to MC.
4) Action to be taken with regard to stock acquisition rights
and convertible bonds.
Not applicable.
5) Change in capital stock
There will be no change in the capital stock of MC or of MCLS as
a result of the company split.
6) Rights and obligations of successor company
The assets and liabilities of MCFS will be transferred from the
split company to the successor company.
7) Forecast for performance and obligations
There are no concerns about the fulfillment of obligations by
the successor company after the effective date of the company
split.
3. Outline of Parties Involved (as of March 31, 2014)
Splitting Company Successor Company
---------------------- ------------------------- -----------------------
(1) Company Mitsubishi Corporation Mitsubishi Corporation
Name Life Science
Limited
---------------------- ------------------------- -----------------------
(2) Headquarters Tokyo Tokyo
---------------------- ------------------------- -----------------------
(3) Representative Ken Kobayashi, Jun Ikeda,
President & CEO President & CEO
---------------------- ------------------------- -----------------------
(4) Lines of Energy, metals, Planning, Management
Business machinery, chemicals, and Support of
sales and manufacturing group companies,
of diverse living Global Sales
essentials, resources & Marketing
development,
infrastructure-related
businesses, industrial
finance, among
others and, in
addition, providing
services and
developing new
businesses and
new technology
in the environment
and new energy
fields
---------------------- ------------------------- -----------------------
(5) Capital 204,447 million 600 million yen
yen
---------------------- ------------------------- -----------------------
(6) Date Established April 1, 1950 July 2, 2012
---------------------- ------------------------- -----------------------
(7) Shares of
Common
Stock Issued 1,653,505,751 27,400
---------------------- ------------------------- -----------------------
(8) Fiscal Year March March
Ends
---------------------- ------------------------- -----------------------
(9) Shareholding Japan Trustee Mitsubishi Corporation
(%) Services Bank (100%)
(7.17%)
---------------------- ------------------------- -----------------------
Current Financial As of March 2014 As of March 2014
Position
(consolidated (non-consolidated
basis) basis)
---------------------- ------------------------- -----------------------
(10) Net Assets 5,067,666 million 15,873 million
yen yen
---------------------- ------------------------- -----------------------
(11) Total Assets 15,901,125 million 15,925 million
yen yen
---------------------- ------------------------- -----------------------
(12) Net Assets 3,074.03 yen 579,296.91 yen
Per Share
---------------------- ------------------------- -----------------------
(13) Operating 7,635.1 billion 1.6 billion yen
Transactions yen(1)
---------------------- ------------------------- -----------------------
(14) Operating 1.2 billion yen
Income(2)
---------------------- ------------------------- -----------------------
(15) Net Income 361.3 billion 1.2 billion yen
for Current yen
Period
---------------------- ------------------------- -----------------------
(16) Net Income 219.30 yen 44,599.77 yen
Per Share for
Current Period
---------------------- ------------------------- -----------------------
1. Revenue is indicated herein as per IFRS.
2. In keeping with the IFRS format employed since FY2014, MC
does not include an entry for operating income.
Outline of business to be transferred
(1) Details of business to be transferred
97% of MCFS common stock issued which is owned by MC.
(2) Outline of business to be transferred (non-consolidated
basis)
(1) Company MC Food Specialties Inc.
Name
---------------------- ------------------------------------
(2) Headquarters Tokyo
---------------------- ------------------------------------
(3) Representative Tetsuro Momosaki, Representative
Director, President
---------------------- ------------------------------------
(4) Lines of Manufacturing, sales and marketing
Business of seasonings, sweeteners,
texturizing agents, yeast-based
ingredients, confectionery
and bakery ingredients, industrial
liquors and other food ingredients
for cooking and confectionary
production
---------------------- ------------------------------------
(5) Capital 3,000 million yen
---------------------- ------------------------------------
(6) Date Established April 1, 2005
---------------------- ------------------------------------
(7) Shares of
Common
Stock Issued 1,354
---------------------- ------------------------------------
(8) Fiscal Year December
Ends
---------------------- ------------------------------------
(9) Shareholding Mitsubishi Corporation (96.97%)
(%) Mitsubishi International Food
Ingredients (3.03%)
---------------------- ------------------------------------
Current Financial As of March 2014
Position
(non-consolidated basis)
---------------------- ------------------------------------
(10) Net Assets 15,135 million yen
---------------------- ------------------------------------
(11) Total Assets 47,232 million yen
---------------------- ------------------------------------
(12) Net Assets 11,178,712.30 yen
Per Share
---------------------- ------------------------------------
(3) Items and amounts of assets to be transferred (as of March
31, 2014)
Assets Liabilities
-------------------------------- ---------------------------------
Item Book Value Item Book Value
--------------- --------------- -------------------- -----------
Current Assets 0 million Current Liabilities 0 million
yen yen
--------------- --------------- -------------------- -----------
Fixed Assets 29,737 million Fixed Liabilities 0 million
yen yen
--------------- --------------- -------------------- -----------
TOTAL 29,737 million TOTAL 0 million
yen yen
--------------- --------------- -------------------- -----------
4. Status of MC and of MCLS after company split
There will be no change in the title, location, representatives,
name, business operations, capital stock or accounting period of
either MC or MCLS as a result of the company split.
5. Outlook for MC
The company split is expected to have negligible impact on MC's
performance.
This is an English translation of a document prepared in
Japanese. In the event of any discrepancies between the content of
the Japanese and English documents, the content of the Japanese
document shall take precedence.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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