Resolution regarding Share Repurchase
(Share repurchase under the provisions of SBG's Articles of Incorporation pursuant to Article 165, Paragraph 2 of the Companies Act of Japan)
SoftBank Group Corp. (“SBG”) announces today that its Board of Directors resolved the repurchase of its own shares pursuant to Article 156 of the Companies Act of Japan as applied pursuant to Article 165, Paragraph 3.
1. Reason for share repurchase
Of the maximum JPY 1 trillion share repurchase program authorized by the Board of Directors on November 8, 2021, SBG had purchased JPY 704.8 billion worth of shares by the end of July 2022. A maximum JPY 400 billion has now been authorized to allow SBG to continue the share repurchase after the current repurchase period has ended, taking into account market conditions and other factors.
SBG repurchases its own shares to enhance shareholder returns and to realize fair shareholder value by rectifying the situation where SBG shares are traded at a deep discount to NAV (Net Asset Value, calculated as the value of shares held minus adjusted net interest-bearing debt). While being firmly committed to existing financial policies regarding SBG’s LTV (Loan to Value, the ratio of net interest-bearing debt to the equity value of holdings) and cash position, SBG will flexibly repurchase its shares while considering investment opportunities for sustainable growth and the level of NAV discount, among others. Depending on the balance of these factors, there is a possibility that the share repurchase may not reach the upper limit of JPY 400 billion within the repurchase period resolved at this time.
SBG plans to retire the acquired treasury stock.
2. Details
| (1) Class of shares to be repurchased: | Common stock of SBG |
|---|---|
| (2) Total number of repurchasable shares: | 100,000,000 (maximum) (6.3% of the total number of shares issued excluding treasury stock) |
| (3) Total repurchase amount: | JPY 400 billion (maximum) |
| (4) Repurchase period: | From August 9, 2022 to August 8, 2023 |
Reference:
Treasury stock held as of July 31, 2022
| Total number of shares issued (excluding treasury stock): | 1,578,916,367 shares |
|---|---|
| Number of treasury stock: | 144,037,363 shares |
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