GMO Internet set to commence open market repurchases of its shares in April
The company has decided to start the open market purchase on the Tokyo Stock Exchange based on discretionary dealing agreements with a securities company.
Japanese online services provider GMO Internet Inc. (TYO:9449) today announces that it will soon commence open market repurchases of its own shares.
GMO Internet announced on February 12, 2020, that it repurchase its own shares in accordance with Article 459-1 of the Japanese Companies Act and the company’s articles of incorporation. Today, the company says that it has decided to start the open market purchase on the Tokyo Stock Exchange based on discretionary dealing agreements with a securities company.
The company has taken into consideration the number of its shares distributed in the market at the moment and conformity to relevant regulations and guidelines in order to continue stable, massive acquisition of treasury stock and avoid conflict with the regulations relating to insider trading.
The shares repurchases are set to begin on April 1, 2020 and are set to last until May 12, 2020. As per the resolution approved at the Board of Directors’ meeting held on February 12, 2020, the maximum total number of shares to be acquired is 9 million. This number accounts for 7.95% of all outstanding shares (excluding treasury shares) of the company. The maximum aggregate price is JPY 15,000 million.