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February 24, 2003
Plaza Create Co., Ltd
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Notification Concerning
Transfer of Subsidiary Company
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At its board of directors meeting on February 24, 2003, the board
of directors of Plaza Create Co., Ltd. approved a resolution concerning
the transfer of Oriental Photo Supply Co., Ltd., a consolidated subsidiary
(transfer of the subsidiary company's shares). The details of the
transfer are described below.
1. Summary of subsidiary compan
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(1)
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Company name
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Oriental Photo Supply Co.,
Ltd.
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(2)
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Head office
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Ichigaya Daigo Bldg., 1 Goban-cho,
Chiyoda-ku,Tokyo, Japan
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(3)
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Representative
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Yasuhiro Oshima, President
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(4)
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Date established
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November 20, 1997
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(5)
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Business
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Sale of photographic supplies
and equipment
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(6)
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Fiscal year-end
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March 31
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(7)
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Employees
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39
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(8)
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Capital
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 450.0
million
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(9)
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Sales
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395.8
million (fiscal year ended March 31, 2002)
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2. Number of subsidiary voting rights held by Plaza
Create before and after the transfer, and the percentage of total
voting rights
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(Before transfer)
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(After transfer) |
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(1)
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Number of voting rights held
by Plaza Create
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7,200 rights
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0 |
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(Number of shares owned by
Plaza Create
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7,200
shares
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0 |
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(2)
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Total number of voting rights
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9,000 rights
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9,000 rights |
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(Total number of shares outstanding
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9,000 shares
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9,000 shares) |
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(3)
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Percentage of total voting
rights
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80.0%
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0.0% |
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(Percentage of total shares
outstanding
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80.0%
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0.0% |
3. Reason for the transfer and effective date
(1) Reason
Plaza Create is currently reorganizing
its group businesses, in order to enhance consolidated management.
Oriental Photo Supply is engaged in sales of photographic supplies
and equipment at the wholesale level, and operating results have
been flat because of increasingly severe market competition. In
order to more quickly improve asset efficiency and concentrate management
resources, and to enable Plaza Create to respond to the digital
photograph era, Plaza Create has decided to transfer its shares
of Oriental Photo Supply at this time.
Although this transfer of subsidiary
company shares will terminate the capital relationship between Plaza
Create and Oriental Photo Supply and Oriental Photo Supply will
not longer be subject to consolidation, the two companies will continue
their transactions from a business perspective.
(2) Date of transfer
4. Transfer amount
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10.0
million |
5. Schedule
Stock certificate delivery date
March 1, 2003
6. Affect on current fiscal year
operating results
Because the equivalent value of
the loss incurred as a result of a transfer has been accounted
for in its interim operating results, the affect of the transfer
on Plaza Createfs operating results on a consolidated and non-consolidated
basis will be immaterial.
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