Investor FAQs relating to in-court restructuring proceedings under the Japanese Corporate Reorganization Act (the “Proceedings”).
- Q1. How will the common stock be treated?
- A1. We apologize for the inconvenience.
The Tokyo Stock Exchange, Osaka Securities Exchange and Nagoya Stock Exchange have assigned the Company’s common stock to the “Delisting Post,” for the reason of the Company’s filing of the petition for commencement of the Proceedings. The last trading date on the market will be February 19th, and then JAL’s common stock will be delisted on February 20th.
- Q2. What are the significant changes to shareholders’ rights, including the so-called 100% capital reduction?
- A2. Under the Proceedings, the rights of shareholders may be significantly reduced, including a 100% capital reduction, while the details will be determined in the future restructuring plan.
- Q3. What is a so-called 100% capital reduction?
- A3. In many cases, a company acquires all of the issued and outstanding shares without compensation pursuant to a reorganization plan and cancels them, whereby the shareholders lose all of their rights in the stock.
- Q4 As it is expected that significant changes will occur with respect to shareholders’ rights, including a 100% capital reduction, is it possible that a shareholder will assume any liabilities of more than a 100% capital reduction based on the shareholder’s position?
- A4. No. Any shareholder will not assume any more liabilities than the amount of money which they have invested and therefore will not assume any liabilities of more than a 100% capital reduction based on a shareholder’s position, such as requiring an additional payment.
- Q5. Will a shareholder have to report the reorganization claim to the Company?
- A5. As a rule, that report will not be required.
- Q6. Will you pay accrued dividends?
- A6. We are sorry, but we will treat such dividends as having disappeared when three years have passed since the beginning of the payment date in accordance with the Articles of Incorporation.
- Q7. Will the Company inform me of the schedule of the Proceedings?
- A7. At this point, the common stocks of the Company are set to be delisted as described in A1 above. Other schedules will be uploaded on our website and we would appreciate it if you could refer to it.
- Q8. How can I sell off my shares, which are registered in the special account since last year's computerization of the stock certificates?
- A8. It is necessary to transfer shares from the special account to the shareholder’s own account in order to sell them off. Please contact Mitsubishi UFJ Trust Bank (0120-232-711) which manages the special account.
- Q9. Can I exercise the option to sell shares less than one unit (Tangen-mimankabu) to the Company, or buy them from the Company?
- A9. We will not accept such options by the shareholders upon the court’s decision of the commencement of the Proceedings.
- Q10. Can I use my tickets issued based on the shareholder special benefit plan(Kabunushi-Yutai)?
- A10. You can use the domestic flight tickets, the foreign/domestic tour tickets, the hotel vouchers and the drink and food vouchers issued pursuant to the shareholder special benefit plan by the expiration date, as usual.
- Q11. How will the shareholder special benefit plan be treated in the future?
- A11. Currently, it has not been decided. It will be determined by the trustees appointed by the Tokyo District Court for the Proceedings.
- Q12. Will any briefing session for the shareholders be held?
- A12. No session has been scheduled at the present time.
- Q13. Will shareholders receive certain notifications or reports from the Company or the trustee during the Proceedings?
- A13. If it is determined in the Proceedings that the Company will have debts in excess of its assets, we will not contact the shareholders individually because the shareholders will not be able to exercise the right to vote in the creditors’ meeting and will not be able to participate in the Proceedings. In this case, we will report the status of the Proceedings on our website.
- Q14. Will the shareholders' meeting be held?
- A14. Currently, there are no plans to hold the shareholders’ meeting.
- Q15. Will you send a calendar to the shareholders at the end of the year?
- A15. We will not be sending a calendar to the shareholders starting from this year, given our current situation. We apologize for the inconvenience.
- Q16. Will the special events for shareholders in the Chubu Centrair International Airport and Haneda International Airport scheduled for March be held?
- A16. We will cancel the events given our current situation. We apologize for the cancellation.