Tokyo, July 29, 2003 -- This notice is to inform that Mitsubishi Heavy Industries,
Ltd. decided today at a meeting of its Board of Directors the following specific
points with regard to the issue of the right to subscribe to new shares as stock
options, pursuant to Article 280-20 and Article 280-21 of the Commercial Code
and the resolution at the Company's Ordinary General Meeting of Shareholders held
on June 26,2003.
| 1. |
Name of subscription right to new shares
Mitsubishi Heavy Industries, Ltd. #1 subscription right to new shares |
| 2. |
Type and number of shares subject to subscription right
535,000 shares of the Company's common stock. |
| 3. |
Total number of subscription rights issued
535. The number of new shares subject to subscription right (hereinafter referred
to as "number of shares granted") will be 1,000. |
| 4. |
Offering price and Issue date of subscription right
Issued free of charge on August 11, 2003. |
| 5. |
Amount to be paid upon exercise of subscription right
To be determined on August 11, 2003.
The amount to be paid when subscription right is exercised will be the amount
produced by multiplying the amount paid per share issued or transferred by the
exercise of each subscription right (hereinafter referred to as "exercise
value") by the number of shares granted.
The exercise value will be the amount (rounding up all fractions of less than
one yen) of the average value (except days without a closing price) of the closing
price on the Tokyo Stock Exchange for regular transactions of common shares of
the Company for each day of the month preceding the month of the date of issuance
(except non-trading days)(hereinafter referred to as "closing price")
or the closing price of the date of issuance (if there was no closing price on
the day, the closing price of the closest day preceding that day), whichever is
higher. |
| 6. |
Total value of the Company's common stock issued or transferred
through exercise of subscription rights
To be decided on August 11, 2003. |
| 7. |
Period to exercise subscription right
The period will be from June 27, 2005 to June 26, 2009. |
| 8. |
Payment location upon exercise of subscription rights
The Mitsubishi Trust and Banking Corporation, Head Office (or its successor, if
any). |
| 9. |
Issue of subscription right securities
Subscription right securities are issued only when requested by the holders of
subscription rights. |
| 10. |
Capitalization of issuing value when shares are issued following
the exercise of subscription rights
The amount credited to capital stock account shall be determined by multiplying
the exercise value by 0.5 (all fractions of less than one yen will be rounded
up). |
| 11. |
Dividend for shares to be issued upon exercise of subscription
rights
The annual dividend or interim dividend for shares issued as a result of exercise
of subscription rights will be paid as if that exercise had taken effect on April
1 for those exercised during April 1 to September 30, and on October 1 for those
exercised during October 1 to the following March 31. |
| 12. |
Policy regarding succession of share options following share
exchange or share transfer
In the event that shares are exchanged or transferred in a way that makes the
Company a wholly owned subsidiary, the Company's obligations regarding unexercised
or uncancelled subscription rights will continue to apply to the corporation which
will wholly own the Company as a result of the exchange or transfer. |
| 13. |
Persons who will be allotted subscription rights
29 Directors of the Company. |
Reference
| 1. |
Date of resolution of the Board of Directors Meeting that
decided the proposal to the Ordinary General Meeting of Shareholders
May 14, 2003 |
| 2. |
Date of resolution of the Ordinary General Meeting of Shareholders
June 26, 2003 |
# # #
About Mitsubishi Heavy Industries:
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan is one
of the world's leading global heavy machinery manufacturers, with fiscal 2002
(ended March 31, 2003) consolidated sales of 2,593 billion yen (US$21.6 billion).
MHI's diverse line-up of products and services encompasses shipbuilding, steel
structures, power plants, chemical plants, steel plants, environmental equipment,
and machinery for industrial and general use, aircraft, and space rocketry and
air-conditioning systems.
For more information, please visit the web site of MHI. (http://www.mhi.co.jp)
Press Contact:
Chris Grams:cgrams@golinharris.com,
or
Goro Nagaoka: gnagaoka@golinharris.com
Tel: +81-3-5721-2521, Fax: +81-3-5721-2591
Golin/Harris International (PR for Mitsubishi Heavy Industries) |
