Recognition of Extraordinary loss - Refinancing of a Subsidiary
The Board of Nippon Sheet Glass Company Ltd resolved at its meeting earlier today that, on 31 March 2009 NSG Holding Europe Limited, a wholly-owned subsidiary of Nippon Sheet Glass Company Ltd. (hereinafter“NSG”), will redeem 87 million £1 nominal value redeemable shares at par, as provided for under the terms of their issue.
1. The reason for the transaction
It is proposed that NSG Holding Europe Limited will redeem 87 million £1 nominal value redeemable shares at par and the funds for its commercial needs will be advanced from NSG to NSG Holding Europe Limited as debt, with a view to realise a more flexible funding method.
2. The outline of the transaction
(i) The outline of the subsidiary
| (1) |
Name: |
NSG Holding Europe Limited |
| (2) |
Representative: |
Stuart Chambers
|
| (3) |
Registered address |
Lea Green StHelens Merseyside WA9 4PR England |
| (4) |
Foundation: |
11 September 2001 |
| (5) |
Principal business: |
Investment holding company |
| (6) |
Authorised capital: |
1,500,000,000 Ordinary shares of GBP 1 each 100,000,000 Redeemable shares of GBP 1 each |
| (7) |
Paid-up capital: |
1,146,010,000 Ordinary shares of GBP1 each
87,179,000 Redeemable shares of GBP 1 each |
| (8) |
Shareholder: |
|
(ii) Details of transaction
(1)
|
Number of shares held before transaction:
|
87,179,000 Redeemable shares
|
| (2) |
Number of shares transferred: |
87,179,000 Redeemable shares
(Proceeds: GBP 87 million) |
| (3) |
Number of shares held after transaction: |
Nil |
(iii) Date of the transaction - 31st March 2009
3. Impact on the operation
(1) Consolidated basis
The impact on the Group's consolidated financial statement is nil.
(2) Non-consolidated basis
As the financial impact will depend on the exchange rate at the time the transaction is completed and other elements, we are not able to quote a figure at the moment, but will do so when the transaction has been made.