Notice Regarding Transfer of Specified Subsidiary (Share Transfer)
At its Board of Directors meeting held today, Vector Inc. (“the Company”) decided to transfer all of its shareholdings in its consolidated subsidiary ValuMore Corp. (“ValuMore”) to BB Softservice Corp. (“BB Softservice”), as described below.
■ Reason for the share transfer
ValuMore of the Vector Group has engaged in Internet-based sales of various hardware items, such as PCs, PC peripherals, household appliances and health-related products as well as PC package software. In October 2004, the Company acquired 55% of the outstanding shares of ValuMore.
This time, the Company decided to further concentrate its management resources on its core businesses, the PC software-license download-retail business (the first pillar of management) and the online game business (focused on as the second pillar), and transfer all shareholdings in ValuMore to BB Softservice.
■Overview of the subsidiary (ValuMore) whose shares are transferred
|(1)||Company name: ValuMore Corp.|
|(2)||Representative: Masao Yamahata|
|(3)||Location: 8-14-24, Nishi-Shinjuku, Shinjuku-ku, Tokyo|
|(4)||Establishment: January 2002|
|(5)||Capital: 100 million yen|
|(6)||Main business: Sales of various hardware items, such as PCs, PC peripherals, household appliances and health-related products as well as PC package software.|
|(7)|| Shareholding ratio:
Vector Inc.: 55% (1,650 shares)
Softbank BB Corp.: 35% (1,050 shares)
■Overview of the transferee
|(1)||Company name: BB Softservice Corp.|
|(2)||Representative: Shintaro Taki|
|(3)||Location: 1-9-1, Higashi-Shimbashi, Minato-ku, Tokyo|
|(4)||Establishment: January 2006|
|(5)||Main business: Application services for the consumer and SOHO markets using the broadband infrastructure; planning and development of original application services|
|(6)||Shareholding ratio: Softbank BB Corp.: 100%|
|(7)||Relationship with the Company:
BB Softservice is a wholly owned subsidiary of Softbank BB Corp., the largest shareholder of the Company. BB Softservice supplies ASP service products to the Company. There is a personnel relationship between BB Softservice and the Company in terms of the concurrent service of directors, etc.
■Share transfer schedule:
September 18, 2009: Resolution of the Board of Directors; signing of a share transfer agreement
September 30, 2009: Transfer of shares (planned)
The share transfer will affect the Company’s business earnings (consolidated and non-consolidated) for the year ending March 2010. Specifically, consolidated net sales are expected to decrease about 540 million yen (projected results for the period between October 2009 and March 2010). However, the share transfer is predicted to have little effect on the Company’s net income for the current fiscal year.
Press Releases » 2009