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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Display Inc.    6740   JP3389660006

JAPAN DISPLAY INC.

(6740)
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Japan Display : Notice Regarding Extension of Repayment Due Date for Short-Term Loans

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08/06/2020 | 04:04am EDT

August 6, 2020

[English Translation]

Notice Regarding Extension of Repayment Due Date for Short-Term Loans

As stated in the "Notice Concerning the Borrowing of Funds" dated August 7, 2019 and, separately, September 2, 2019, Japan Display Inc. ("JDI") borrowed funds based on short-term loan agreements with INCJ, Ltd. ("INCJ") concluded on August 7, 2019 and September 2, 2019 (the "Borrowing"). As regards the Borrowing, JDI announced that the repayment due dates for the two loan agreements would be the first anniversary of each of the loan execution dates. However, today agreements were reached with INCJ according to which the repayment due date for the loan agreement dated August 7, 2019 will be extended by one year and the repayment due date for the loan agreement dated September 2, 2019 will be extended by two years.

1. Reason for Extension of the Repayment Due Date

As stated in the "Notice Concerning Conclusion of Capital Alliance Agreement, Issuance of Class D Preferred Shares and Stock Acquisition Rights through Third-party Allotment, and Partial Amendment of Articles of Incorporation" dated July 21, 2020, on January 31, 2020 JDI received a notice from INCJ stating that if JDI so requests, INCJ is ready to extend the repayment due date of the short-term loan dated August 7, 2019 by one year and extend the repayment due date of the short-term loan dated September 2, 2019 by up to two years. In view of the impact of the spread of the coronavirus pandemic on business performance, JDI has decided that it is important to secure cash on hand, and therefore submitted a request to INCJ to extend the loan repayment due date, resulting in the extended repayment agreement described below.

2 Summary of Extension of the Repayment Due Date

Short-term loan

Short-term loan

dated August 7, 2019

dated September 2, 2019

Lender

INCJ, Ltd.

Address: 1-4-1 Marunouchi, Chiyoda-ku Tokyo

Representative Director and Chairman (CEO): Toshiyuki Shiga

Representative Director and President (COO): Mikihide Katsumata

Loan amount

JPY 20 billion

JPY 20 billion

Interest rate

TIBOR + spread (fixed-rate interest)

TIBOR + spread (fixed-rate interest)

1

Loan execution date

August 8, 2019

September 3, 2019

Previous repayment

August 8, 2020 (prepayment before

September 3, 2020 (prepayment before

due date

maturity is permissible

maturity is permissible

Extended repayment

August 8, 2021 (prepayment before

September 3, 2022 (prepayment before

due date

maturity is permissible

maturity is permissible

Security

The borrowing is secured

The borrowing is secured

Note: As of August 6, 2020, INCJ is the second major shareholder of JDI, and one director from INCJ sits on JDI's board of directors.

3. Future Outlook

The impact of the extension of the loan repayment due dates on JDI's financial results for FY 2020 is expected to be immaterial.

  • # #

The information contained in the press release is as of the date of the announcement and is subject to change without prior notice. Of the information contained in this press release, our forecasts, plans and other forward-looking statements are based on our analysis and judgments subject to the information available to us as of the date of announcement, and actual results may differ materially from those expressed or implied by such forward-looking statements.

2

Disclaimer

Japan Display Inc. published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 08:03:05 UTC

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Sales 2020 497 B 4 695 M 4 695 M
Net income 2020 -104 869 M -990 M -990 M
Net Debt 2020 124 B 1 170 M 1 170 M
P/E ratio 2020 -0,73x
Yield 2020 -
Capitalization 41 462 M 392 M 391 M
EV / Sales 2020 0,33x
EV / Sales 2021 0,33x
Nbr of Employees 8 762
Free-Float 68,2%
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Mean consensus SELL
Number of Analysts 4
Average target price 35,00 JPY
Last Close Price 49,00 JPY
Spread / Highest target -18,4%
Spread / Average Target -28,6%
Spread / Lowest Target -38,8%
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Minoru Kikuoka President, CEO & Representative Director
Scott Anderberg Callon Chairman
Toshihiro Ueki Chief Operating Officer & Executive Vice President
Akihito Okochi Executive Officer & GM-Finance
Yoshiharu Nakajima CTO, Executive Officer, General Manager-R&D
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