RNS Number : 1255P
Mitsubishi Corporation
06 December 2024
 

Notification of Capital Reduction and Change in Status of MC Subsidiary (Exclusion of Specified Subsidiary)

 

Mitsubishi Corporation (MC) hereby announces the following change regarding its subsidiary.

 

1. Reason for Change

Diamond Transmission Corporation Limited ("DTC"), a consolidated subsidiary of MC in the United Kingdom, has decided to make a capital reduction on December 5, 2024 (UK time). As a result, DTC's capital will be less than 10% of MC's, and DTC will be excluded from a "specified subsidiary" of MC.

 

2. Overview of the Specified Subsidiary (DTC)

(1)

Company Name

Diamond Transmission Corporation Limited

(2)

Address

Mid City Place, 71 High Holborn, London, United Kingdom, WC1V 6BA

(3)

Representative

Shigeru Inano, CEO & Managing Director

(4)

Summary of Business

European Transmission Business Management Company 

(5)

Capital

Before Reduction: 118 million GBP (22.6 billion yen)*

After Reduction: 1 GBP (191 yen)*

(6)

Date of Establishment

April 11, 2013

(7)

Major Shareholders and Shareholding Ratio

MC: 100.00%

(8)

Relationship with the Listed Company

Capital

100.00% owned by MC

Personnel

Personnel dispatched from MC

Business

MC currently has no business relationship with DTC

(9)

Recent Performance


from April 2021

to March 2022

from April 2022

to March 2023

from April 2023

to March 2024

Net assets

105,879 thousand GBP

170,982 thousand GBP

189,648 thousand GBP

Total assets

125,126 thousand GBP

176,070 thousand GBP

205,466 thousand GBP

Net assets per share

0.8 GBP

1.4 GBP

1.5 GBP

Revenue

1,175 thousand GBP

1,160 thousand GBP

1,489 thousand GBP

Net profit (loss) after tax

(9,300 thousand GBP)

12,735 thousand GBP

30,535 thousand GBP

Net profit (loss) per share

(0.1 GBP)

0.1 GBP

0.2 GBP

*The applied foreign exchange rate is 1GBP=190.97JPY (TTM Rate as of December 5, 2024)

 

3. Date related to the Change

(1)

Date of Resolution for Capital Reduction

December 5, 2024 (UK time)

(2)

Date of Capital Reduction Execution

Mid-December 2024 (planned)

 

4. Outlook

MC is expecting little impact on its business performance due to this change.

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