Mitsui Sumitomo Insurance Company, Limited hereby announces that pursuant to Article 178 of the Companies Act of Japan the Company has resolved at the meeting of the Board of Directors held on January 31, 2008, to cancel the Company’s treasury shares.
As set out below, the number of new shares to be issued by Mitsui Sumitomo Kaijo Group Holdings Kabushiki Kaisha, the holding company that the Company intends to establish through a sole share transfer subject to the approval of the shareholders’ meeting and approvals of the competent authorities, as announced on November 20, 2007, may be affected by the cancellation of treasury shares.
The Company also announces that the share transfer plan was approved at the Company’s extraordinary shareholders meeting held on January 31, 2008.
1.Details of Cancellation
| (1) |
Type of shares to be canceled |
: |
Shares of common stock of the Company |
| (2) |
Date of cancellation |
: |
March 31, 2008 |
| (3) |
Number of shares to be canceled |
: |
All treasury shares held as of March 31, 2008 |
(Reference)
Status of the Company’s treasury shares:102,287,086 shares (as of December 31, 2007)
As separately announced today in the Notice Regarding Repurchase of Company’s Own Shares, the Company has resolved at the meeting of the Board of Directors held on January 31, 2008, to repurchase its own shares pursuant to Article 156 of the Companies Act of Japan as modified by Article 165, Paragraph 3, of the Act.
| (1) |
Type of shares to be repurchased |
: |
Shares of common stock of the Company |
| (2) |
Total number of shares to be repurchased |
: |
8,000,000 shares (Maximum)
(Approximately 0.5% of the shares issued) |
| (3) |
Aggregate amount of the repurchase cost |
: |
JPY 7,000,000,000 (Maximum) |
| (4) |
Period of repurchase |
: |
From February 1, 2008, to March 24, 2008 |
2.Number of new shares to be issued by the Holding Company upon the Share Transfer
The number of shares issued by the Company as of the day immediately preceding the date of incorporation of the Holding Company (March 31, 2008) may be affected (may decrease) by the cancellation of treasury shares, and, if so, the number of new shares to be issued by the Holding Company upon the share transfer may accordingly be affected (may decrease).
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