Update : Sep. 24, 2013
[Tokyo Stock Exchange, Inc.]
The designation as Securities on Alert for the following issue will not be removed.
|1. Issue Name||
Princi-baru Corporation stock
(Code: 3587, Market Division: JASDAQ Standard)
|2.Date of Decision||Sep. 24, 2013 (Tue.)|
Securities Listing Regulations, Rule 501, Paragraph 3 before amendment on August 9, 2013 as applied in accordance to the provisions of Paragraph 2 of the supplementary provisions of the amended regulations.
(Due to not falling under cases where the Exchange deems that there is no problem in the internal management system, etc. on the basis of the Written Confirmation of Internal Management System submitted by the listed company)
On March 14, 2012 and June 8, 2012, Princi-baru Corporation (hereinafter "the Company") corrected its earnings reports, etc. of past fiscal years and submitted amendment reports pertaining to securities reports, etc. Subsequently, Osaka Securities Exchange Co., Ltd. deemed that improvement of the internal management system, etc. of the Company was highly necessary and designated its stock as Securities on Alert on June 20, 2012.
The Company submitted the "Written Confirmation of Internal Management System" as required after one (1) year elapses following designation as Securities on Alert. While the Company has made efforts toward improvement, improvement and application of the rules at the Company and its subsidiary were deemed inadequate. In addition, deficiencies in subsidiary management, etc. that led to the improper accounting processes were not sufficiently addressed, and therefore the internal rules and internal control proved to be insufficiently or inappropriately developed and implemented. Furthermore, it was deemed that internal audit and statutory auditor duties were not being conducted appropriately, and that its systems for timely disclosure and accounting operations were not implemented on an organizational basis but reliant on certain individuals.
Based on the substance, etc. of the written confirmation, it was deemed that the internal management system, etc. of the Company has not sufficiently improved. As such, TSE has decided not to remove the designation as Securities on Alert.
In the case where three (3) years elapse since the date of designation as Securities on Alert (June 20, 2012) and TSE deems that problems continue to exist in its internal management system, etc., the stock of the Company shall be delisted.
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