REG - Mitsubishi Corp. - Capital Reduction in Status of MC Subsidiary

MitsubishiAnnouncement

06/12/2024 08:15

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RNS Number : 1255P  Mitsubishi Corporation  06 December 2024

Notification of Capital Reduction and Change in Status of MC Subsidiary
(Exclusion of Specified Subsidiary)

 

Mitsubishi Corporation (MC) hereby announces the following change regarding
its subsidiary.

 

１． Reason for Change

Diamond Transmission Corporation Limited ("DTC"), a consolidated subsidiary of
MC in the United Kingdom, has decided to make a capital reduction on December
5, 2024 (UK time). As a result, DTC's capital will be less than 10% of MC's,
and DTC will be excluded from a "specified subsidiary" of MC.

 

２． Overview of the Specified Subsidiary (DTC)

 （１）             Company Name                               Diamond Transmission Corporation Limited
 （２）             Address                                    Mid City Place, 71 High Holborn, London, United Kingdom, WC1V 6BA
 （３）             Representative                             Shigeru Inano, CEO & Managing Director
 （４）             Summary of Business                        European Transmission Business Management Company
 （５）             Capital                                    Before Reduction: 118 million GBP (22.6 billion yen)*

                                                            After Reduction: 1 GBP (191 yen)*
 （６）             Date of Establishment                      April 11, 2013
 （７）             Major Shareholders and Shareholding Ratio  MC: 100.00%
 （８）             Relationship with the Listed Company       Capital            100.00% owned by MC
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                                                                                                                        DTC
 （９）             Recent Performance
                                                            from April 2021                       from April 2022       from April 2023

                                                            to March 2022                         to March 2023         to March 2024
 Net assets                                                 105,879 thousand GBP                  170,982 thousand GBP  189,648 thousand GBP
 Total assets                                               125,126 thousand GBP                  176,070 thousand GBP  205,466 thousand GBP
 Net assets per share                                       0.8 GBP                               1.4 GBP               1.5 GBP
 Revenue                                                    1,175 thousand GBP                    1,160 thousand GBP    1,489 thousand GBP
 Net profit (loss) after tax                                (9,300 thousand GBP)                  12,735 thousand GBP   30,535 thousand GBP
 Net profit (loss) per share                                (0.1 GBP)                             0.1 GBP               0.2 GBP

*The applied foreign exchange rate is 1GBP=190.97JPY (TTM Rate as of December
5, 2024)

 

３． Date related to the Change

 （１）        Date of Resolution for Capital Reduction  December 5, 2024 (UK time)
 （２）        Date of Capital Reduction Execution       Mid-December 2024 (planned)

 

４． Outlook

MC is expecting little impact on its business performance due to this change.

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