SAINT PETER PORT, Guernsey, June 28, 2018 /PRNewswire/ --
Prospect Co., Ltd. (hereafter "Company") announces that it was resolved at the Board of Directors meeting held today (June 28, 2018) that Stock Acquisition Rights will be issued to directors and employees, pursuant to Article 236, Article 238 and Article 240 of the Companies Act.
1. Purpose for issuing Stock Acquisition Rights
For further expansion in the renewable energy business, the Company believes that it is necessary to provide sufficient incentives to secure talented personnel and keep them motivated. The Stock Acquisition Rights are mainly targeted to selected directors and employees (including executive officers), who meet requirements. In addition, a condition is attached to the Stock Acquisition Rights, which in the event that the Company's stock price falls below a certain level, it is required to exercise the rights at an exercise price that exceeds the stock price. The Company believes that such an obligation will enhance management responsibility.
2. Outline of the issuance of the Stock Acquisition Rights
- Name of issued Stock Acquisition Rights
The 5th Stock Acquisition Rights of Prospect Co., Ltd.
- Total number to be issued
80,000 units (1 unit is 1,000 shares)
- Amounts to be paid upon allocation of the Stock Acquisition Rights
100 yen per Stock Acquisition Rights (0.1 yen per share)
*The above option price is based on the calculation result of Monte Carlo simulation which is a general option pricing model, performed by Plutus Consulting Co., Ltd., a third-party evaluation organization.
- Application period
From June 29, 2018 to August 28, 2018
- Allotment date
August 29, 2018
- Persons to be allotted
Total 13 of the Company's directors and employees (including executive officers)
- Exercise price
49 yen per share
- Exercise period
From April 1, 2019 to March 31, 2019
3. The Stock Acquisition Rights details are being translated into English and will be released next week.
Prospect Co., Ltd.
Representative Director, President: Curtis Freeze
(Code Number: 3528, 2nd Section of TSE)
Contact: Representative Director, Managing Director, Masato Tabata
TEL: 03-(3470)-8411 (Main)
SOURCE Prospect Co., Ltd.