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FINWIRES

Note Founder Trims Stake Ahead of Prime Market Push

-- Note (TYO:5243) said founder and CEO Sadaaki Kato sold 550,000 shares, or 2.8% of outstanding stock, on April 15, reducing his stake to 26.3% from 29.2%, according to a Thursday filing on the Tokyo Stock Exchange.

The sale was carried out through on-market transactions via a securities firm, which had full discretion over pricing and execution.

The company said the move was intended to improve trading liquidity and increase the proportion of shares available in the market, following capital and business tie-ups that had concentrated ownership.

Kato has agreed not to sell additional shares for two years and will remain a major shareholder while continuing to lead the company.

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