SEC Info - Advantest Corp - 6-K - For 10/28/03

SEC Info

Home

My Interests

Help

Please Sign In

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

EX-99.2 1st Page of 5 TOC Top Previous Next Bottom Just 1st
 Sponsored Ads...







                                                                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.          

EX-99.2 2nd Page of 5 TOC 1st Previous Next Bottom Just 2nd

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                                                

--------------------------------------------------------------------------------
      Name of company      Advantest Corporation     Japan Engineering Co., Ltd.
--------------------------------------------------------------------------------
Share exchange ratio           1                          0.077       
--------------------------------------------------------------------------------

Notes                                                                 
-----                                                                 

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.

EX-99.2 3rd Page of 5 TOC 1st Previous Next Bottom Just 3rd

    (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]

--------------------------------------------------------------------------------------------------------------
 Registered trade name             Advantest Corporation               Japan Engineering Co., Ltd.            
                                      (Parent company)                      (100% subsidiary)                 
--------------------------------------------------------------------------------------------------------------
                                                                                                              
Business description           Development, manufacturing, and       Design, manufacturing,                   
                               sale of automated test equipment      implementation, and sale of              
                               and measuring instruments             electronic precision machinery and       
                                                                     parts                                    
--------------------------------------------------------------------------------------------------------------
Date of establishment          December 16, 1954                     February 13, 1974                        
--------------------------------------------------------------------------------------------------------------
Location of head office        1-32-1 Asahi-cho, Nerima-ku, Tokyo    2-9-2 Ikuta, Tama-ku, Kawasaki-shi,      
                                                                     Kanagawa                                 
--------------------------------------------------------------------------------------------------------------
Representative                 Toshio Maruyama,                      Akira Hatakeyama                         
                               Representative Board Director,        Representative Director and President    
                               President of Corporate Executive                                               
                               Officers and Chief Operating Officer                                           
--------------------------------------------------------------------------------------------------------------
Capital                        JPY(Yen)32,362 million                JPY(Yen)305 million                      
--------------------------------------------------------------------------------------------------------------
Number of shares               99,783,358 shares                     754,530 shares                           
issued and outstanding                                                                                        
--------------------------------------------------------------------------------------------------------------
Stockholders' equity           JPY(Yen)179,532 million               JPY(Yen)152 million                      
--------------------------------------------------------------------------------------------------------------
Total assets                   JPY(Yen)241,116                       JPY(Yen)2,215 million                    
--------------------------------------------------------------------------------------------------------------
Fiscal year end                March 31                              March 31                                 
--------------------------------------------------------------------------------------------------------------
Number of employees            1,448                                 76                                       
--------------------------------------------------------------------------------------------------------------
Principal customers            Japanese and foreign private sector   Japanese and foreign manufacturers       
                               manufacturers and non-manufacturers   and trading houses.                      
                               and public bodies                                                              
--------------------------------------------------------------------------------------------------------------
Main banks                     Mizuho Corporate Bank, Ltd.           The Bank of Tokyo-Mitsubishi, Ltd.       
                               Shinsei Bank, Limited                 Mizuho Bank, Ltd.                        
                               The Bank of Tokyo-Mitsubishi, Ltd.                                             
--------------------------------------------------------------------------------------------------------------

EX-99.2 4th Page of 5 TOC 1st Previous Next Bottom Just 4th

                                                        [Enlarge/Download Table]

--------------------------------------------------------------------------------------------------------------
                                                                                                              
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%                                                        
--------------------------------------------------------------------------------------------------------------
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.                                                      
--------------------------------------------------------------------------------------------------------------

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)       
------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              
Fiscal period ending                     03/2001    03/2002     03/2003      01/2001      09/2001      03/2002      03/2003   
------------------------------------------------------------------------------------------------------------------------------
Net sales                                225,309     72,928      76,686        1,928          635          508        1,836   
------------------------------------------------------------------------------------------------------------------------------
Operating income (loss)                   47,802    (39,098)    (18,209)        (721)        (611)        (177)         104   
------------------------------------------------------------------------------------------------------------------------------
Income (loss)                             51,177    (35,310)    (19,084)        (761)        (722)        (208)          69   
before income taxes                                                                                                           
------------------------------------------------------------------------------------------------------------------------------
Net income (loss)                         31,820    (19,265)    (11,467)      (1,374)        (748)      (1,563)        (403)  
------------------------------------------------------------------------------------------------------------------------------
Net income (loss) per share (Yen)         319.08    (193.71)    (116.49)   (8,110.13)   (3,252.25)   (6,141.27)   (1,586.74)  
------------------------------------------------------------------------------------------------------------------------------
Dividend per share (Yen)                      50         40          30         -            -            -            -      
------------------------------------------------------------------------------------------------------------------------------
Stockholders' equity per share (Yen)    2,316.01   2,051.71    1,814.36     7,317.78     6,947.42       797.22      (815.22)  
------------------------------------------------------------------------------------------------------------------------------

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.        

EX-99.2 Last Page of 5 TOC 1st Previous Next Bottom Just 5th

 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.

EX-99.2	1st Page of 5	TOC	Top	Previous	Next	Bottom	Just 1st

EX-99.2	2nd Page of 5	TOC	1st	Previous	Next	Bottom	Just 2nd

EX-99.2	3rd Page of 5	TOC	1st	Previous	Next	Bottom	Just 3rd

EX-99.2	4th Page of 5	TOC	1st	Previous	Next	Bottom	Just 4th

EX-99.2	Last Page of 5	TOC	1st	Previous	Next	Bottom	Just 5th

Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
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

Top				List All Filings

Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

			in		Show		and
Help...	Wildcards: ? (any letter), * (many). *Logic:* for Docs: & (and), \| (or); for Text: \| (anywhere), "(&)" (near).

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

Report of a Foreign Private Issuer · Form 6-KFiling Table of Contents

EX-99.2 · Press Release

Dates Referenced Herein and Documents Incorporated By Reference

Report of a Foreign Private Issuer · Form 6-K
Filing Table of Contents