Arab Today, arab today olympus shares plunge 21 on dilution fears
Last Updated : GMT 21:20:49
Arab Today, arab today
Arab Today, arab today

Olympus shares plunge 21% on dilution fears

Arab Today, arab today

Arab Today, arab today Olympus shares plunge 21% on dilution fears

Tokyo - AFP

Shares in scandal-hit Olympus nosedived 21 percent on Thursday amid fears of a possible dilution if the company moves to a new issue to raise much-needed fresh capital. The stock fell 20.77 percent to 1,041 yen, as investors ran for cover following Wednesday\'s delayed submission of second quarter earnings and the correction of five years worth of crooked balance sheets. Current earnings, revealing a 32.3 billion yen ($414 million) first half loss, were filed with just hours to spare before a deadline that if missed would have seen the company delisted from the Tokyo Stock Exchange, all but wiping out its value. Despite the 11th-hour filing, Olympus is not yet in the clear, with the Tokyo bourse keeping it on a watch list as it investigates the company over a huge cover-up scandal. \"Even if the company remains listed, the assumed next step is a capital increase,\" said a senior strategist at a Japanese brokerage, hinting at a move that typically involves a dilutive common share offer. The company could boost its capital by using several measures such as forming a business alliance and taking investment from other companies. The camera and medical equipment maker corrected its books for the past five years after it admitted an accounting dodge to cover up at least 134.9 billion yen ($1.73 billion) in losses dating back to the 1990s. In fixing its books, Olympus said its capital adequacy ratio has plunged to 4.5 percent, less than a half of the declared 11.0 percent of March. The level of the company\'s debts had never exceeded the worth of its assets during the five years for which Olympus corrected its financial books. But company officials admitted Thursday that the firm illegally distributed dividends when Olympus did not make enough profit. \"In recent periods, there were times when we did not have sufficient profit available for dividend. We are aware that it in effect resulted in illegal dividend,\" an Olympus official told reporters. Company president Shuichi Takayama told a news conference there would be an extraordinary shareholders meeting some time in March or April 2012. But he added that he had no plans to meet ousted whistleblower Michael Woodford, who on Wednesday said he had reached out to the embattled company seeking a consensus on reform. The firm has seen around 58 percent of its value disappear in the two months since Woodford, the first ever non-Japanese president and chief executive of Olympus, was sacked.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today olympus shares plunge 21 on dilution fears Arab Today, arab today olympus shares plunge 21 on dilution fears

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today olympus shares plunge 21 on dilution fears Arab Today, arab today olympus shares plunge 21 on dilution fears

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday