— Mitsubishi Motors Corporation (MMC) today announced that its board of directors resolved to issue No. 3 Class A preferred shares, No. 1 to No. 3 Class B preferred shares and common stock.
| No. 3 Class A preferred shares |
| |
Amount : |
1 billion yen |
| Purchaser : |
Nippon Oil Corporation |
| Payment expected : |
July 15, 2004 |
| |
| No. 1 to No. 3 Class B preferred shares |
| |
Amount : |
150 billion yen* |
| Purchaser : |
J.P. Morgan Securities Ltd. |
| Payment expected : |
July 15, 2004 |
| |
| Common stock |
| |
Amount : |
100 billion yen* |
| Purchaser : |
Phoenix Capital Partners I – IV, Co., Ltd.
(four special-purpose companies set up by Phoenix Capital) |
| Payment expected : |
July 15, 2004 |
The funds MMC will receive for these shares are part of its capital enhancement program outlined in the business revitalization plan announced on May 21. Along with the 165 billion yen received on June 24 for No. 1 and No. 2 Class A preferred shares and 130 billion yen received on June 28 for No.1 Class G preferred shares, MMC will put the above funds to maximum use to achieve the targets set out in the plan.
MMC is currently moving forward with a new three-year business revitalization plan, aiming to turn the company around and rid itself of past practices. By steadily implementing its revitalization plan, MMC is working to reform itself into a company that enjoys the trust of its customers and the public while making a positive contribution to all countries in which it operates.
| * |
The amounts for the No. 1 to No. 3 Class B preferred shares and the common stock may be reduced at the determination of the purchaser. |
