TOKYO, May 20 (Pulse News Wire) – Chiyoda Corporation (6366.T) announced corrections to its previously disclosed plan for amending certain provisions of its articles of incorporation related to A-type preferred shares. Originally scheduled for discussion at the upcoming 98th Ordinary General Meeting of Shareholders in June, the amendments now specify changes to the compulsory redemption clause within Article 11, Paragraph 6.
Under the revised terms, Chiyoda can now compulsorily redeem A-type preferred shares anytime upon notice two weeks prior to the redemption date, determined by the board of directors. The redemption price per share will be based on either the average VWAP of 30 consecutive trading days ending 45 trading days before the redemption date plus accrued dividends, or a fixed calculation method involving conversion rates and dividend equivalents.
This adjustment clarifies the conditions and timing for the compulsory redemption process, ensuring alignment with legal requirements and shareholder expectations.
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