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Delayed Japan Exchange  -  02:00 2022-08-12 am EDT
6916.00 JPY   +0.79%
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Shionogi & Co., Ltd. - Notice of Disposal of Treasury Shares as Restricted Stock Compensation Plan

06/24/2022 | 08:12am EDT

OSAKA, Japan - Shionogi & Co., Ltd. (hereafter 'Shionogi') announced that, at the meeting of its Board of Directors held on June 23, 2022, the Directors decided to dispose treasury shares (the 'Disposal of Treasury Shares' or the 'Disposal') as follows.

1. Outline of the Disposal

(1) Disposal date: July 22, 2022

(2) Class and number of shares to be disposed 29,800 shares of Common stock of Shionogi

(3) Disposak price 6,786 per share

(4) Total value of shares to be disposed 202,222,800

(5) Allottees and number thereof, number of shares to be disposed Directors (excluding outside directors): 2 persons 19,000 shares Corporate officers: 13 persons 10,800 shares

(6) Others

The Disposal of Treasury Shares is conditioned on the Securities Registration Statement taking effect in accordance with the Financial Instruments and Exchange Act.

2. Purposes and Reasons of the Disposal

Shionogi resolved, at a meeting of its Board of Directors held on May 9, 2018, to introduce a restricted share-based remuneration plan (the 'Remuneration Plan') in order to provide an incentive for its Members of the Board excluding outside directors (the 'Eligible Board Members') to sustainably increase Shionogi's corporate value and in order to further promote shared values with shareholders, as a new remuneration plan for Shionogi's Eligible Board Members and its Corporate Officers (the 'Eligible Board Members etc.'). Moreover at the 153rd Annual General Meeting of Shareholders held on June 20, 2018, it was approved that the total amount of Shionogi's directors compensation shall be revised from within 450 million yen to within 750 million yen, and that the transfer restriction period for restricted shares shall be the period specified by the Board of Directors of Shionogi, which is a period between three to thirty years from the day on which such shares are allotted.

An overview of the Remuneration Plan and other relevant details are shown below.

[Outline of the Plan]

The Compensation Plan is composed of two stock-based compensation systems; one is the compensation based on the long-term share price which requies continuous service for a certain period as a Director of Shionogi or as an Executive Officer not concurrently serving as a director (hereafter 'the Long-term Share Price Based Restricted Stock'), and the other is a performance-based one which requires the attainment of Shionogi's mid- to long-term business performance target in addition to the aforementioned continuous service (hereafter 'the Mid- to Long-term Performance Based Restricted Stock').

Under the Remuneration Plan, the Eligible Board Members etc. shall pay in, every year in principle, all monetary compensation receivables or monetary receivables provided by Shionogi in the form of property contributed in kind, in accordance with the resolution by Shionogi's Board of Directors, and shall, in return, receive Shionogi's ordinary shares to be issued or shares subject to the Disposal.

In addition, under the Remuneration Plan, the total number of ordinary shares that the Eligible Board Members receive by issuance or Disposal by Shionogi shall be no more than 75,000 shares per year and the paid-in amount per share shall be determined by the Board of Directors based on the closing price of Shionogi's ordinary shares on the Prime Section of the Tokyo Stock Exchange on the business day immediately preceding the date of each resolution by the Board of Directors (or the closing price on the transaction day immediately prior thereto if no transaction is made on such business day) or any other amount to the extent that the amount will not be particularly advantageous to Eligible Board Members who will subscribe to Shionogi's ordinary shares under the Remuneration Plan.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are based on expectations in light of the information currently available, assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from these statements. Risks and uncertainties include general domestic and international economic conditions such as general industry and market conditions, and changes of interest rate and currency exchange rate. These risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, completion and discontinuation of clinical trials; obtaining regulatory approvals; claims and concerns about product safety and efficacy; technological advances; adverse outcome of important litigation; domestic and foreign healthcare reforms and changes of laws and regulations. Also for existing products, there are manufacturing and marketing risks, which include, but are not limited to, inability to build production capacity to meet demand, lack of availability of raw materials and entry of competitive products. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.



Website: https://www.shionogi.com

(C) 2022 Electronic News Publishing, source ENP Newswire

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Sales 2023 392 B 2 933 M 2 933 M
Net income 2023 146 B 1 089 M 1 089 M
Net cash 2023 507 B 3 792 M 3 792 M
P/E ratio 2023 14,2x
Yield 2023 1,74%
Capitalization 2 082 B 15 586 M 15 586 M
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Free-Float 90,1%
Duration : Period :
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