(Translation)
To whom it may concern
May 11, 2012
NIS Group Co., Ltd. (the "Company") hereby announces that the
Company terminated an agreement regarding a capital and
business alliance with Neoline Holdings Co., Ltd. ("NLH") on
May 9, 2012 as described below.
1. Reason for the termination
The Company entered into a basic understanding agreement
pertaining to a capital and business alliance with NLH on
June 25, 2010. However, following an acceptance of the
Company's filing of a petition for the commencement of civil
rehabilitation proceedings with the Tokyo District Court (the
"Court") on May 9, 2012, the Company received a notification
from NLH regarding termination of the agreement on the same
day.
2. Detail of the termination
The termination of an agreement pertaining to a capital and
business alliance entered into between the Company and NHL on
June 25, 2010. In addition, for details of the agreement
pertaining to a capital and business alliance, please refer
to "Notice Regarding the Entering into a Basic Understanding
Agreement pertaining to the Investment and Business Alliance
and the Issuance of New Shares by Third-party Allocation"
announced on June 25, 2010.
3. Date of the termination
May 9, 2012
4. Outline of NHL as of March 31, 2012
(1) | Company name: | Neoline Holdings Co., Ltd. |
(2) | Location: | 1-7-12 Toranomon, Minato-ku, Tokyo |
(3) | Representative: | Nobuyoshi Fujisawa, President and Representative Director |
(4) | Principal business: | Investment business, management consulting business, |
and management of affiliated companies | ||
(5) | Stated capital: | JPY 100 million |
(6) | Date of incorporation: | January 8, 1975 |
(7) | Major shareholder: | NLHD Co., Ltd., 100% |
(8) | Relationships: | Capital relationship NLH owns 235,294,200 shares (49.67% of |
voting interest) of the Company's common stock | ||
Personnel relationship 3 shared directors, of which 2 directors resigned | ||
on May 9, 2012 | ||
Business relationship None |
5. Future projection
As described in "Notice Regarding Petition for Commencement
of Civil Rehabilitation Proceedings" announced on
May 9, 2012, the Company filed a petition for commencement of
civil rehabilitation proceedings with the Court on May
9, 2012. The Court accepted the petition on the same day, and
issued a temporary restraining order, including a prohibition
of payments, a comprehensive prohibition order and a
supervision order. Therefore, due to such uncertainties about
its business operations in the future, the Company decided
not to disclose the effects on the Company's financial
results for the fiscal year ending March 31, 2013 and
thereafter.
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