SOFTBANK announces the implementation of sale of its shares and warrants held in eAccess Ltd.Oct. 5, 2004
SOFTBANK CORP. (the “Company”) announces that the sales prices of shares and warrants, which JAPAN TELECOM CO., LTD. (“JAPAN TELECOM”) held in eAccess Ltd., were fixed and JAPAN TELECOM sold all of the shares and warrants. The Company previously announced on October 4, 2005 that JAPAN TELECOM would sell its all shares and warrants held in eAccess.
JAPAN TELECOM sold 166,670 shares and 11,852 warrants (equivalent to 59,260 shares) held in eAccess and the aggregate proceeds from the sale were approximately 18.3 billion yen.
As a result, loss on sale of investment securities of approximately 2.2 billion yen would be recognized on a consolidated basis in the 3rd quarter of fiscal year 2005, though JAPAN TELECOM will recognize gain on sale of investment securities of approximately 14.3 billion yen. Loss on sale of investment securities would be recognized on a consolidated basis since investment securities were recorded at the fair market value on September 30, 2004, which is the deemed acquisition date of JAPAN TELECOM, adopting the fair market value method.
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