Mandom (TYO:4917) is consolidating its shares and moving toward delisting after shareholders approved related proposals at an extraordinary meeting, according to a Friday filing on the Tokyo Stock Exchange.
The company will consolidate 10 million shares into one, reducing total issued shares to four from over 45 million before the move takes effect on May 19.
Mandom's shares are set to be designated for delisting from April 24, with the last trading day scheduled for May 14 and delisting on May 15. The consolidation forms part of a transaction to make Kalon Holdings the sole shareholder, with fractional shares to be sold to the tender offeror at 3,105 yen per share, subject to court approval.
Mandom also approved amendments to its articles of incorporation, including abolishing share unit provisions and reducing the number of authorized shares to 10 following the consolidation.
The company expects to distribute proceeds from the sale of fractional shares to shareholders between late August and mid-September.