Advantest Corp · 6-K · For 10/28/03 · EX-99.2
Filed On 10/28/03 7:11am ET · SEC File 1-15236 · Accession Number 947871-3-2322
As Of Filer Filing As/For/On Docs:Pgs Issuer Agent
10/28/03 Advantest Corp 6-K 10/28/03 3:56 Shearman & Sterl..LLP/FA
Report of a Foreign Private Issuer · Form 6-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 6-K Report of Foreign Private Issuer 3 8K
2: EX-99.1 Financial Digest 48± 239K
3: EX-99.2 Press Release 5 27K
EX-99.2 · Press Release
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October 28, 2003
ADVANTEST CORPORATION
(Toshio Maruyama, Representative Board Director,
President of Corporate Executive Officers and
Chief Operating Officer)
(Stock Code Number: 6857, TSE first section)
(Ticker Symbol: ATE, NYSE)
CONTACT:
Hiroshi Nakamura
(Manager, Accounting Department)
Phone: +81-(0)3-3342-7500
Japan Engineering Co., Ltd.
to Become a Wholly-Owned Subsidiary through Share Exchange
On October 28, 2003, the Board of Directors of Advantest Corporation
("Advantest") has resolved to make Japan Engineering Co., Ltd. ("Japan
Engineering") a wholly-owned subsidiary of Advantest through a simplified share
exchange against its own stock.
In accordance with the provisions of Article 358-1 (Simplified Share Exchange)
of the Commercial Code, Advantest is not planning to hold a General Meeting of
Shareholders to approve the transaction.
1. Purpose of the transaction
Japan Engineering Co., Ltd. is a subsidiary of Advantest with its main
business in the development, manufacture, and sale of semiconductor test
burn-in systems. In order to further deepen technological, financial, and
personnel relations between the two companies, and with a view to
strengthening the management and enlarging the operations of Japan
Engineering, agreement has been reached to make Japan Engineering a
wholly-owned subsidiary of Advantest through a share exchange.
2. Terms of the share exchange
(1) Transaction schedule
October 23, 2003 Approval of Share Exchange Agreement by the Board
of Directors of Japan Engineering
October 28, 2003 Approval of Share Exchange Agreement by the Board
of Directors of Advantest
October 28, 2003 Signing of Share Exchange Agreement
November 13, 2003 Approval of Share Exchange Agreement by the
General Meeting of Shareholders of Japan
Engineering (anticipated)
December 16, 2003 Exchange of Shares (anticipated)
(2) Share exchange ratio
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Name of company Advantest Corporation Japan Engineering Co., Ltd.
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Share exchange ratio 1 0.077
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Notes
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1. Share exchange ratio
Shares are to be exchanged at the ratio of 0.077 shares of Advantest
Corporation for every 1 share of Japan Engineering Co., Ltd.
2. Basis of calculation of share exchange ratio
The parties to the share exchange have commissioned Dai-Ichi
Consulting Co., Ltd. as an independent third-party institution with
the computation of the share exchange ratio, and on the basis of such
computation have agreed in mutual discussions on the above-stated
exchange ratio. It should be noted that in the event of a material
change to the premises underlying said calculation, the above-stated
exchange ratio is subject to adjustment pursuant to discussions to be
held between the two parties.
3. Method of calculation employed by the independent third party
institution
Dai-Ichi Consulting Co., Ltd. has considered various methods for
calculating the share exchange ratio, including the fair value method,
income capitalization method, comparable company method, net asset
value method, and the discounted dividend model, and as a result
applied the fair market value method in relation to Advantest and the
income capitalization method in relation to Japan Engineering.
(3) Number of shares to be allotted and delivered by Advantest pursuant to
the share exchange
Advantest will deliver 12,283 shares of common stock (owned as
treasury shares) at a ratio of 0.077 shares of Advantest for every 1
share of Japan Engineering held by shareholders of record of Japan
Engineering noted in the register of shareholders at the close of the
day prior to the share exchange. Advantest will make no transfer of
shares in respect of 595,000 shares in Japan Engineering that it
already holds.
(4) Exchange of shares against cash subsidies
No cash subsidies will be paid in connection with the share exchange.
(5) Reference date for the computation of dividends on transferred shares
Reference date for the calculation of dividends on the 12,283 common
shares in Advantest to be transferred pursuant to the share exchange
shall be October 1, 2003.
3. Company profiles of participants in the share exchange (as of September 30,
2003)
[Enlarge/Download Table]
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Registered trade name Advantest Corporation Japan Engineering Co., Ltd.
(Parent company) (100% subsidiary)
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Business description Development, manufacturing, and Design, manufacturing,
sale of automated test equipment implementation, and sale of
and measuring instruments electronic precision machinery and
parts
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Date of establishment December 16, 1954 February 13, 1974
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Location of head office 1-32-1 Asahi-cho, Nerima-ku, Tokyo 2-9-2 Ikuta, Tama-ku, Kawasaki-shi,
Kanagawa
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Representative Toshio Maruyama, Akira Hatakeyama
Representative Board Director, Representative Director and President
President of Corporate Executive
Officers and Chief Operating Officer
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Capital JPY(Yen)32,362 million JPY(Yen)305 million
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Number of shares 99,783,358 shares 754,530 shares
issued and outstanding
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Stockholders' equity JPY(Yen)179,532 million JPY(Yen)152 million
--------------------------------------------------------------------------------------------------------------
Total assets JPY(Yen)241,116 JPY(Yen)2,215 million
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Fiscal year end March 31 March 31
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Number of employees 1,448 76
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Principal customers Japanese and foreign private sector Japanese and foreign manufacturers
manufacturers and non-manufacturers and trading houses.
and public bodies
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Main banks Mizuho Corporate Bank, Ltd. The Bank of Tokyo-Mitsubishi, Ltd.
Shinsei Bank, Limited Mizuho Bank, Ltd.
The Bank of Tokyo-Mitsubishi, Ltd.
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[Enlarge/Download Table]
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Principal shareholders and Mizuho Trust & Banking Co., Ltd. Advantest Corporation, 78.857%
percentage of shares held (Fujitsu Account), 16.058% Kazuo Kaneko, 5.933%
Japan Trustee Services Bank, Ltd. Hironari Chiba, 1.162%
(Trust Account), 6.327% Employee Stock-Ownership Plan, 1.112%
The Master Trust Bank of Japan, Ltd. Mitsuhiro Tsukuda, 0.864%
(Trust Account), 4.928%
UFJ Trust Bank Limited
(Trust Account A), 4.397%
Fujitsu Limited, 4.056%
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Relation to Capital Advantest is a shareholder of Japan Engineering
Japan Engineering -------------------------------------------------------------------------------
Personnel Advantest sends its company officers to Japan Engineering
-------------------------------------------------------------------------------
Transactions Advantest commissions technical development services to Japan
Engineering.
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4. Business performance over the last three years
[Enlarge/Download Table]
Unit: (Yen) million
------------------------------------------------------------------------------------------------------------------------------
Advantest Corporation Japan Engineering Co., Ltd.
(Parent company) (Wholly-owned subsidiary)
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Fiscal period ending 03/2001 03/2002 03/2003 01/2001 09/2001 03/2002 03/2003
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Net sales 225,309 72,928 76,686 1,928 635 508 1,836
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Operating income (loss) 47,802 (39,098) (18,209) (721) (611) (177) 104
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Income (loss) 51,177 (35,310) (19,084) (761) (722) (208) 69
before income taxes
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Net income (loss) 31,820 (19,265) (11,467) (1,374) (748) (1,563) (403)
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Net income (loss) per share (Yen) 319.08 (193.71) (116.49) (8,110.13) (3,252.25) (6,141.27) (1,586.74)
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Dividend per share (Yen) 50 40 30 - - - -
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Stockholders' equity per share (Yen) 2,316.01 2,051.71 1,814.36 7,317.78 6,947.42 797.22 (815.22)
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Note: Stated figures are on a parent-only basis as per non-consolidated
financial statements.
(Amounts of less the (Yen)1 million have been rounded down.)
5. Effects after the share exchange
(1) Registered trade name, business description, head office location,
representative, capital:
The share exchange will not affect registered trade name, business
description, head office location, representative, or capital of either
company.
(2) Business performance:
Effects on business performance will be insignificant.
Cautionary Statement with Respect to Forward-Looking Statements
This press release contains "forward-looking statements" that are based
on Advantest's current expectations, estimates and projections. These
forward-looking statements are subject to known and unknown risks, uncertainties
and other factors that may cause Advantest's actual results, levels of activity,
performance or achievements to be materially different from those expressed or
implied by such forward-looking statements. These factors include: (i) changes
in demand for the products and services produced and offered by Advantest's
customers, including semiconductors, communications services and electronic
goods; (ii) circumstances relating to Advantest's investment in technology,
including its ability to timely develop products that meet the changing needs of
semiconductor manufacturers and communications network equipment and components
makers and service providers; (iii) significant changes in the competitive
environment in the major markets where Advantest purchases materials, components
and supplies for the production of its products or where its products are
produced, distributed or sold; and (iv) changes in economic conditions, currency
exchange rates or political stability in the major markets where Advantest
procures materials, components and supplies for the production of its principal
products or where its products are produced, distributed or sold. A discussion
of these and other factors which may affect Advantest's actual results, levels
of activity, performance or achievements is contained in the "Operating and
Financial Review and Prospects", "Key Information - Risk Factors" and
"Information on the Company" sections and elsewhere in Advantest's annual report
on Form 20-F, which is on file with the United States Securities and Exchange
Commission.
Dates Referenced Herein and Documents Incorporated By Reference
| Referenced-On Page |
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| This 6-K Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| | 9/30/03 | | 3 |
| | 10/1/03 | | 3 |
| | 10/23/03 | | 2 |
| Filed On / Filed As Of / For The Period Ended | | 10/28/03 | | 1 | | 2 |
| | 11/13/03 | | 2 |
| | 12/16/03 | | 2 |
| |
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