TSE News

Ex-Dividend, Ex-Rights, etc. for the Fiscal Year ending March 2011

Update : Mar. 28, 2011


[Tokyo Stock Exchange, Inc.]

(Reference Translation)

Based on the effects of the '2011 Off the Pacific Coast of Tohoku Earthquake', the Ministry of Justice has stated 'Article 296, Paragraph 1 of the Companies Act requires that the annual shareholders meeting be called within a defined period of time after the end of each business year. However it does not require the meeting to be called within 3 months of the end of the business year. Due to the effects of said earthquake, in cases where circumstances prevent the holding of the annual shareholders meeting during the initially scheduled period, holding the meeting at such a time as circumstances permit will not be in violation of the above provision'.(*1)

In cases where a listed company with a fiscal year ending March 2011 is unable to hold the annual shareholders meeting within 3 months following the end of the business year and the record date of dividends and other rights is to be changed from the final day of the business year, dividends and other rights will not be transferred with sales of such issue made during the period until the final date of cum-rights trading following March 29th.(*2)
We ask investors to remain aware of the possibility that such circumstances could occur depending on the schedule of a listed company's annual shareholders meeting.

(*1)Please refer to the Ministry of Justice's homepage(only available in Japanese)

(*2)In the TSE securities market, the base price for daily price limits on the ex-date (the date 2 days before the record date (normally the final date of the business year) related to dividends) is, as a general rule, calculated by subtracting the estimated dividend disclosed by the listed company (in cases where the estimated dividend amount remains undetermined or undisclosed, the dividend amount in the preceding year) from the final cum-dividend price. TSE will, as a general rule, set the base price on the ex-date (March 29th) in the same manner as before for listed companies with a fiscal year ending March 2011. Furthermore, the base price is set in order to define the daily price limits and does not indicate the theoretical price or appropriate price of such issue.

DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Tokyo Stock Exchange Group, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.


Tokyo Stock Exchange, Inc.
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