Monex Group plans acquisition of up to 5 million of its own shares

Maria Nikolova

The aggregate amount of the acquisition cost is up to JPY 2 billion, with the period of acquisition being from August 22, 2018 to August 31, 2018.

business

Online trading services provider Monex Group, Inc. (TYO:8698) is about to engage in an acquisition of its own shares. As per a notice published by the brokerage earlier today, Monex would acquire its shares in line with “Revision of Shareholder Distribution Policy” made public on April 26, 2018.

Monex aims to provide returns to its shareholders based on the business performance, while securing investment capacity for growth, and targets at a 75% total return ratio on a multi-year basis. The company has decided to acquire its own shares in accordance with the policy that the capital distribution is to be made by dividend payments and/or share buybacks in a timely manner determined at management’s discretion.

The shares to be acquired are common stock of Monex Group, and the total number of the shares to be acquired is 5 million, which account for1.86% of the total number of shares outstanding (excluding treasury shares). The aggregate amount of the acquisition cost is up to JPY 2 billion, with the period of acquisition being from August 22, 2018 to August 31, 2018.

The “Revision of Shareholder Distribution Policy” announced in April this year, was implemented as troubled cryptocurrency exchange Coincheck, Inc. became a wholly owned subsidiary of Monex Group. On April 16, 2018, Monex confirmed the completion of the acquisition of 100% of the shares of Coincheck, which was hit by a virtual currency theft in January 2018. The deal, which covers 1,775,267 shares in Coincheck, is valued at JPY 3.6 billion.

Monex has noted that Coincheck has received a business improvement order from the Japanese regulator concerning the theft of cryptocurrency, NEM, as a result of unauthorized access to its system on January 26, 2018. But the broker said it would aim to build a secure business environment for customers by fully backing up Coincheck’s enhancement process. In particular, Monex stated its intentions to maximize the use of its expertise and human resources of business administration, system risk management, and customer asset protection system.we expect to make further investment for future growth of our group.

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