Retirement Benefit Trust
August 22 2003 - 8:44AM
UK Regulatory
RNS Number:9728O
NEC Corporation
22 August 2003
August 22, 2003
Announcement concerning the Creation of the Securities-based Employee Retirement
Benefit Trust
At the meeting of the Board of Directors of NEC Coporation ("NEC") held
today, it was resolved that NEC will create a securities-based employee
retirement benefit trust (the "Trust") and transfer to the Trust additional
shares of Nippon Electric Glass Co., Ltd ("Nippon Electric Glass") to make NEC's
pension healthy.
Since NEC maintains voting rights in the shares under the Trust, the
relationship between NEC and Nippon Electric Glass will remain unchanged after
the transfer.
1. Scheduled date of the creation of the Trust: August 25, 2003
2. Shares to be transferred and changes in shareholding ratio
Securities Number of the Number of the Number of the Shareholding ratio
shares before shares to be shares after
additional additionally additional
transfer transferred transfer
Before additional After additional
transfer transfer
Common Stock of Nippon
Electric Glass
Under the name of NEC 24,033,000 (-) 16,000,000 8,033,000 15.0% 5.0%
Under the name of the
Trust 31,900,000 (+) 16,000,000 47,900,000 20.0% 30.0%
Total 55,933,000 0 55,933,000 35.0% 35.0%
3. Amount of the creation of the Trust: approximately JPY 19.0 billion
4. Effect on the financial results for the first half of the fiscal year ending
March 31, 2004:
The profit on the creation of the Trust as a result of the additional
transfer above has been reflected in NEC's non-consolidated financial
results forecast announced on July 31, 2003.
There will be no effect on NEC's consolidated financial results since
such profit shall not be posted in the accounting principles generally
accepted in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
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