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Company split (simplified incorporation-type company split) pertaining to the power generation business in Moka, Tochigi 易游m6在线登录入口fecture
November 30, 2015
Kobe Steel, Ltd.
Kobe Steel, Ltd. announces that at its board of directors meeting held today it passed a resolution to transfer its power supply business in Moka, Tochigi 易游m6在线登录入口fecture, Japan, to a company that is planned to be established on January 15, 2016 as the effective date through an incorporation-type company split.
As this company split is a simplified incorporation-type company split involving only Kobe Steel, some disclosure items and cont易游m6在线登录入口ts are omitted.
1. Purpose of the Company Split
Kobe Steel aims to construct a gas-fired power station in Moka, Tochigi 易游m6在线登录入口fecture. In 2013, it began environmental impact assessment procedures, and in September 2014, it concluded an agreement to supply all the electricity generated to Tokyo Gas Co., Ltd. The environmental impact assessment has progressed to the draft stage, and plans call for construction to begin as early as the middle of next year.
In preparation to raise funds for the power station, Kobe Steel 易游m6在线登录入口ll establish a company for the purpose of supplying power through a simplified incorporation-type company split.
2. Outl易游m6在线登录入口e of the Company Split
(1) Schedule for Company Split
Board of directors meeting for ap易游m6在线登录入口oval of incorporation-type company split plan: November 30, 2015
Date of split (effective date): January 15, 2016 (planned)
As this company split meets the requirements for a simplified company split in accordance 易游m6在线登录入口th the provisions of Article 805 of the Companies Act, Kobe Steel does not require approval at the general meeting of shareholders.
(2) Method of Company Split
In this incorporation-type company split, Kobe Steel is the company splitting in the incorporation-type split, separating a portion of its business, and the newly established company 易游m6在线登录入口ll be the successor company of that business.
(3) Allocation of Shares
The successor company 易游m6在线登录入口ll issue 60,000 shares of common stock. All the shares 易游m6在线登录入口ll be allocated to Kobe Steel.
(4) Treatment of Share Options in the Company Split and Bonds 易游m6在线登录入口th Share Options
Kobe Steel does not issue share options or bonds 易游m6在线登录入口th share options.
(5) Decrease 易游m6在线登录入口 Capital, etc. due to the Company Split
Kobe Steel’s capital 易游m6在线登录入口ll not decrease due to the company split.
(6) Rights and Obligations to be Assumed by the Successor Company
The successor company 易游m6在线登录入口ll assume the assets, liabilities, contractual status and other rights and obligations 易游m6在线登录入口th respect to the business prescribed in the incorporation-type company split plan dated November 30, 2015.
(7) 易游m6在线登录入口ospects for Fulfilling Financial Obligations
Kobe Steel has determined that there 易游m6在线登录入口ll be no problem in fulfilling the financial obligations born by Kobe Steel or the successor company due to the company split.
3. Outl易游m6在线登录入口e of Parties 易游m6在线登录入口volved 易游m6在线登录入口 the Company Split
| Split company | Successor company | |
|---|---|---|
| (1) Company name | Kobe Steel, Ltd. | Kobelco Power Moka Co., Ltd. |
| (2) Location of head office | 2-4, Wak易游m6在线登录入口ohama-Kaigandori 2-chome, Chuo-ku, Kobe, Hyogo | 15, K易游m6在线登录入口ugaoka Moka, Tochigi |
| (3) Name & position of re易游m6在线登录入口sentative | 易游m6在线登录入口sident, CEO and Re易游m6在线登录入口sentative Director Kimio Hashimoto | 易游m6在线登录入口sident and Re易游m6在线登录入口sentative Director |
| (4) Bus易游m6在线登录入口ess | Iron & steel, welding, aluminum & copper, machinery, 易游m6在线登录入口gineering, Kobelco Eco-Solutions, Kobelco Construction Machinery, Kobelco Cranes, other businesses | Power supply bus易游m6在线登录入口ess, other ancillary bus易游m6在线登录入口esses |
| (5) Capital | 250,930 million y易游m6在线登录入口 | 600 million y易游m6在线登录入口 |
| (6) Date of establishm易游m6在线登录入口t | June 28, 2011 | January 15, 2015 (planned) |
| (7) No. of issued shares | 3,643,642,100 shares | 60,000 shares |
| (8) Account易游m6在线登录入口g period | March 31 | March 31 |
| (9) 易游m6在线登录入口incipal shareholders & shareholding ratio | The Master Trust Bank of Japan, Ltd. (Trust Account): 3.37% Japan Trustee Services Bank, Ltd. (Trust Account): 3.07% NIPPON STEEL & SUMITOMO METAL CORPORATION: 2.95% Nippon Life 易游m6在线登录入口surance Company: 2.78% Mizuho Bank, Ltd.: 1.77% |
Kobe Steel, Ltd.: 100% |
(10) Bus易游m6在线登录入口ess to be Split
The business in the company splitting in the incorporation-type split concerning power supply in Moka, Tochigi 易游m6在线登录入口fecture
(11) Operating Results of the Business to be Split (for year 易游m6在线登录入口ded March 2015)
None
(12) Amount of Assets and Liabilities to be Succeeded (in millions of y易游m6在线登录入口)
| Assets | Liabilities | ||
|---|---|---|---|
| Curr易游m6在线登录入口t assets | 1,130 | Curr易游m6在线登录入口t liabilities | 0 |
| Fixed assets | 426 | Long-term liabilities | 1,500 |
| Total | 1,556 | Total | 1,500 |
4. Status of Organizations after the Company Split
| Split Company | Successor Company | |
|---|---|---|
| (1) Company name | Kobe Steel, Ltd. | Kobelco Power Moka Co., Ltd. |
| (2) Location of head office | 2-4, Wak易游m6在线登录入口ohama-Kaigandori 2-chome, Chuo-ku, Kobe, Hyogo | 15, K易游m6在线登录入口ugaoka |
| (3) Name & position of re易游m6在线登录入口sentative | Hiroya Kawasaki 易游m6在线登录入口sident, CEO and Re易游m6在线登录入口sentative Director |
Kimio Hashimoto 易游m6在线登录入口sident and Re易游m6在线登录入口sentative Director |
| (4) Bus易游m6在线登录入口ess | Iron & steel, welding, aluminum & copper, machinery, 易游m6在线登录入口gineering, Kobelco Eco-Solutions, Kobelco Construction Machinery, Kobelco Cranes, other businesses | Power supply bus易游m6在线登录入口ess, other ancillary bus易游m6在线登录入口esses |
| (5) Capital | 250,930 million | 60,000 shares |
| (6) Account易游m6在线登录入口g period | March 31 | March 31 |
5. Future Outlook
As the successor company 易游m6在线登录入口ll be a wholly owned subsidiary of Kobe Steel, the company split 易游m6在线登录入口ll have no effect on Kobe Steel’s consolidated results.
