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Toyota City, Japan, Apr 28, 2015 - (JCN Newswire) - Toyota Motor Corporation (TMC) will commence steps for issuing Model AA Class Shares (named after Toyota's first passenger car) with voting rights and transfer restrictions that assume a medium to long term holding period.
Based on the Toyota Global Vision announced in March 2011, TMC is committed to manufacturing "ever-better cars" and enriching the lives of communities. For the sake of sustainable growth and to further enhance competitiveness, TMC must solidify its foundation, growing steadily year by year and strengthening its ability to create new value. It is important for TMC to continue to innovate in order to reach these goals.
Beginning from product planning and development and progressing through to manufacturing and sales, the automotive industry does not operate on a short term business cycle. As innovation in the industry progresses, it is essential to fully undertake research and development, as well as development of infrastructure, to achieve the next generation of innovations that will support the industry's future. TMC itself needs to conduct medium to long term research and development and to develop infrastructure. Aiming to raise capital to enable this business cycle, TMC has decided to commence steps for issuing class shares that assume a medium to long term holding period.
By issuing Model AA Class Shares, TMC will provide new opportunities for investors who wish to invest and exercise shareholder rights with a medium to long term perspective. By matching the interests of its business and shareholding cycles, TMC hopes to balance funding more effectively. Corporate governance should also be improved as an added benefit of giving a greater voice to shareholders with medium to long term holdings.
In order to issue multiple series of new voting class shares in the future, TMC will submit to shareholders an agendum to partially amend its articles of incorporation at its ordinary general meeting of shareholders in June. If the agendum is approved, TMC intends to issue First Series Model AA Class Shares. To avoid the dilution of its common shares as a result of the issuance of First Series Model AA Class Shares, TMC plans to repurchase common shares in roughly the same number as the number of the First Series Model AA Class Shares issued.
Contact:
Toyota Motor Corporation
Public Affairs Division
Global Communications Department
Tel: +81-3-3817-9926
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
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From the Asia Corporate News Network
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