Up Garage Group (7134), a used auto and motorcycle parts retailer, said on Nov. 6 it will buy back up to 880,000 of its own shares, or 11.09% of shares outstanding excluding treasury stock, through a tender offer priced at a 10% discount to market, requiring about ¥1.1 billion.
The buyback is designed to absorb 800,000 shares (10.08%) that parent company E&E said in mid-May it intended to sell for cash. E&E, an asset management company funded by Representative Director and Chairman Makoto Ishida and his relatives, holds 5,664,300 shares, or 71.40%.
The company said E&E agreed orally on Oct. 13 to tender those shares, though no tender agreement has been signed, and E&E plans to keep its remaining stake. The cap was set 10% above E&E's planned sale to give other shareholders a chance to participate; if tenders exceed the cap, shares will be bought on a pro rata basis. The company said it had not previously repurchased shares based on a board resolution.
The tender price will be set at a 10% discount to the lowest of the Nov. 5 closing price on the TSE Standard Market and the simple average closing prices over the preceding one, three and six months. The purchase will be funded entirely from cash on hand. Consolidated cash and cash equivalents stood at ¥2.1 billion at Sept. 30, and the company expects to retain about ¥1.4 billion on the settlement start date.
Separately, the company reported first-half results for April-September:
| Item | Amount | YoY |
|---|---|---|
| Net sales | ¥8.05 billion | +20.1% |
| Operating profit | ¥471 million | +63.9% |
| Ordinary profit | ¥496 million | +76.1% |
| Net profit attributable to owners of parent | ¥324 million | +93.7% |
It left its full-year forecast for the year ending March 2027 unchanged: net sales of ¥17.0 billion, operating profit of ¥1.4 billion, ordinary profit of ¥1.42 billion, net profit of ¥910 million and EPS of ¥114.80. The year-end dividend forecast is ¥42.50 per share, up from ¥36.50 a year earlier.
| Hob Co., Ltd. | |
| Offer price | ¥1,140 per share |
| Shobunsha Holdings | |
| Offer price | ¥752 per share |
| Charm Care Corporation | |
| Tender offer price | ¥1,970 per share |
| GEOSTR Corporation | |
| H1 net profit | ¥951 million (up 118.9%) |
| Dai Nippon Toryo Co., Ltd. | |
| H1 net profit attributable to owners | ¥3.43 billion (up 144.2%) |
| Shinto Paint Co., Ltd. | |
| Share exchange effective date | Feb. 25, 2027 (scheduled) |
| Up Garage Group | |
| Maximum shares to be purchased | 880,000 shares (11.09%) |
| Nakku | |
| H1 net income | loss of ¥62 million |
| M&A / TOB | 23 |
| Guidance | 83 |
| Buybacks | 28 |
| Dividends | 22 |
| Capital | 11 |
| Earnings | 275 |
| People | 2 |
Summaries of public disclosures by Japanese listed companies. Not investment advice; accuracy not guaranteed. Figures and dates in the TDnet originals prevail.
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