KNT-CT Holdings raises 400 billion yen from parent company and major bank
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Implement a third-party allotment of shares with corporate bond-type preferred stock that does not dilute common stock.
On May 5, KNT-CT Holdings raised capital through a capital reduction and a third-party allotment to resolve the insolvency ... → Continue reading
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Wikipedia related words
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Preferred stockWhat is (Yusen Kabushiki)?ProfitOrinterest OfdividendOr were given a position to receive distributions and both of them in preference to other types of shares.stockIs (Company law108 articleItem 1 and 1).Preferred stock is less risky than common stock and higher risk than corporate bonds and will be issued to investors who prefer such mezzanine financing.On the other hand, stocks that are subordinated in the above casesSubordinated stock(Post-delivery stock), Which is a standard stockCommon stockThat.
Details and current status
Shares that receive preferential treatment regarding profit distributionDividend Preferred StockIt is a kind of preferred stock.Dividend preferred stockLtd.Can receive dividends together with common stock if the dividend to be distributed remains after the preferential dividend is paid.Participatory preferred stockAnd can't do thatNon-participating preferred stockThere is. Also,DividendFor the shortfall in the year in which the priority dividend was not received due to the shortage ofCumulative preferred stockWhat is notNon-cumulative preferred stockThat is.These combinations allow the design of various preferred stocks.
Preferred stock is treated with various preferential treatments, and at the same time, conversion to other types of stock is permitted.General meeting of shareholdersYou can limit your voting rights in.For example, shares with restricted voting rights while giving priority to profit distribution can raise funds by issuing new shares without affecting the controlling relationship (shareholder ratio) of the corporation, so corporate bonds (Subordinated debt) Is used as a substitute.This is no longer the true meaning as long as the dominance relationship does not change.Non-participating preferred stock with complete exclusion of voting rights is more similar to corporate bonds. Under IFRS (International Financial Reporting Standards), if the obligation of the issuer based on preferred stock is fixed, it will be recorded as an liability rather than a net asset.
Holders of preferred stock
In addition,large companyas well as the City bankIssued by, also large corporations and city banks, as well as政府(OrSorting and collection mechanism) Often owns.Issuance of preferred stockCapital adequacy ratioTo raisePublic fundsThis is because it is done for the purpose of receiving an injection of.When preferred stock is used for rehabilitation purposes in this way, it is generally designed to be converted into common stock after a rehabilitation period of a certain period.Therefore, it is necessary to take into account the impact on the stock price of common stock as the convertible time arrives.Some shares have been granted repurchase rights to avoid affecting common stock.
In the case of preferred stock of financial institutions, there are many cases in which some kind of management responsibility is held when conversion to common stock is made.
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