TOKYO, Sept. 6, 2012 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. ("IIJ") (Nasdaq:IIJI) (TSE1:3774) hereby announces that IIJ's Board of Directors resolved the following items at the meeting of the Board of Directors held today.
1. Purpose of Stock Split, Adoption of the Unit Share System and Partial Amendments to its Articles of Incorporation
2. Summary of Stock Split
In April, 2012, the securities listing regulations, etc of the securities exchanges of Japan were amended, whereby listed companies whose number of shares constituting a share-trading unit is a number other than 100 shares or 1,000 shares are obliged to set their number of shares constituting a unit as 100 shares. Accordingly, IIJ will adopt the unit share system which sets a share-trading unit as 100 shares and simultaneously conduct a 1:200 stock split in order to reduce the investment unit amount of IIJ's common shares. As a result of the stock split and adoption of the unit share system, the investment unit amount of IIJ's common stock will be one half (1/2) of the previous amount.
(1) Method of stock split
The stock split shall have a record date of Sunday, September 30, 2012 and shall involve the splitting of common shares held by shareholders whose names appear or are recorded in the latest Registry of Shareholders on the record date at a ratio of 1:200. (2) Number of additional shares as a result of the stock split The number of additional shares as a result of the stock split shall be 199 times the final total number of issued shares on Sunday, September 30, 2012. The numbers of shares presented below are based on the total number of shares issued on Wednesday, September 5, 2012.
|1)||Total number of shares issued before the stock split:||206,478 shares|
|2)||Number of additional shares as a result of the stock split:||41,089,122 shares|
|3)||Total number of shares issued after the stock split:||41,295,600 shares|
|4)||Total number of authorized shares after the stock split:||75,520,000 shares|
(Note) Total number of shares issued stated in the above could be increased as a result of exercise of stock acquisition rights.
(3) Schedule of the stock split
|1)||Public notice date of the record date:||Friday, September 7, 2012|
|2)||Record date:||Sunday, September 30, 2012|
|3)||Effective date:||Monday, October 1, 2012|
(Note) For all practical purposes, the record date in substance is Friday, September 28, 2012.
|1)||There will be no increase in the amount of IIJ's paid-in capital as a result of the stock split.|
|2)||Adjustment of year-end dividend forecast in connection with the stock split|
In connection with the aforementioned stock split at a ratio of 1:200 effective on Monday, October 1, 2012, IIJ will make adjustment to the year-end dividend forecast per share for the year ending March 31, 2013 from JPY1,750 per share as originally announced on May 15, 2012 to JPY8.75 (equivalent to 1/200 of the original target) per share.