Shareholders' value which is diluted by the equity financing | 淺沼組への株主提案に関する特集サイト
If our proposals are approved and Asanuma continues 100% payout ratio, the estimated share price is;
>JPY 10,000(*)
*Calculation based on dividend yield. Please find the detail of calculation in “our shareholder proposals”.

Shareholders’ value which is diluted by the equity financing

Asanuma carried out a share issue at market price in March 2017 and only 2,391 mil capital was increased while it led to 10% of dilution.
Reviewing 15 years’ Asanuma’s equity capital, the amount of its equity capital in recent years has reached at the record high level. It is doubtful that such share issue which led to 10% of dilution was truly needed in FY 2016.

Change of Asanuma’s equity capital

(Source:QUICK ASTRA MANAGER)

Just after the equity financing, Asanuma announced the investment plan funded by such share issue as following. According to the plan, the estimated investment amount in total was ca. 987 mil per annum. Asanuma’s annual free cashflow in FY 2015, preceding fiscal year of the equity financing, was 2,525 mil. It is hard to justify such share issue as Asanuma could afford such plans easily with its periodic income.

Plans Until Amount Per annum
R&D equipment FY2018 1,175 mil 588 mil
ICT investment FY2019 590 mil 197 mil
Cost reduction FY2019 610 mil 203 mil

987 mil in total for investment per annum
(Source: Press release on 24th march 2017 )

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