Reason for delisting and termination of SEC reporting obligations
The Company’s ADRs have been listed on NASDAQ since July 1999. However, the Company’s ADRs have been thinly traded on NASDAQ, and overseas investors have traded the Company’s common stock primarily on the Tokyo Stock Exchange. Accordingly, the Company’s Board of Directors believes that the overall impact that the delisting and the termination of its SEC reporting obligations may have on shareholders would be limited, but will result in a reduction of fixed costs and enable the company to improve the efficiency of its IR activities. After the delisting, the Company plans to maintain its ADR program in the U.S. and plans to continue to list the Company’s common stock on the Tokyo Stock Exchange.
(1)Overall Delisting Schedule (as planned)
Written notice to be sent to NASDAQ: Thursday, April 26, 2007
Delisting application to be filed with the SEC: Monday, May 21, 2007
Delisting from NASDAQ becomes effective: Thursday, May 31, 2007
(2) ADR Program
After delisting from NASDAQ, the Company plans to maintain its ADR program with the Bank of New York, the Depositary Bank for the Company’s ADRs. The Company’s ADRs are expected to continue to trade on over-the-counter markets.
(3) Termination of SEC Reporting Obligations
The Company plans to terminate its SEC reporting obligations by filing Form 15F with the SEC on or after June 4, 2007. Upon filing the Form 15F, the Company’s obligations to file reports on Form 20-F and Form 6-K with the SEC will immediately be suspended. The Company expects that the termination of its SEC reporting obligations will become effective 90 days after the date of filing the Form 15F with the SEC, or such shorter period as the SEC may determine.
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