Sharp Abolishes Shares Plan

Sharp’s board of directors has abolished its “Takeover Defense Plan,” relating to large scale purchases of Sharp Corporation shares.

The plan was originally approved at Sharp’s 120th Ordinary General Meeting of Shareholders back in 2014. The plan was expected to run through to June, 2017. Sharp’s board of directors is able to abolish such plans, even before the effective period expires.

The necessity to maintain the Plan diminished, with Sharp issuing new common shares and Class C Shares through third party allotments in August. These include Hon Hai Precision Industry Co., Ltd., Foxconn (Far East) Limited, Foxconn Technology Pte. Ltd. and SIO International Holdings Limited. The “Allottees” now hold 66.07% of the company’s voting rights.

According to Tai Jeng Wu, Sharp’s President & CEO, the Special Committee overseeing the plan has been dissolved. The statement also advised the Outside Audit & Supervisory Board Member (Masuo Okumura) and Outside Director of Sharp (Kazuya Nakaya) will resign from their positions as members of the committee.

Source: http://www.sharp-world.com/

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