MINEBEA MITSUMI Inc.
Notice of Postponement of Announcement of Financial Results for the Three Months (1Q) Ended March 31, 2019 and the Establishment of an Investigation Committee at a Consolidated Subsidiary
MINEBEA MITSUMI Inc. (the "Company") hereby announces that its consolidated subsidiary, U-Shin Ltd. (Securities Code: 6985, First Section of the Tokyo Stock Exchange; "U-Shin"), has announced in its "Notice of Postponement of Announcement of Financial Results for the Three Months (1Q) Ended March 31, 2019 and the Establishment of an Investigation Committee" dated April 26, 2019 (as attached; the "U-Shin Press Release") that, with respect to U-SHIN (THAILAND) CO., LTD. (Rayong, Thailand), a consolidated subsidiary of U-Shin, it has been found through an internal investigation conducted at the time of the physical inventory at the end of the three months (1Q) ended March 31, 2019 that the inventory assets may have been overstated and the cost of sales may have been under-recorded in and after the fiscal year ending November 2012 (according to U-Shin, while U-Shin is carefully assessing the amount, U-Shin currently estimates the amount to be approximately one billion yen in total) and that, due to the time required for the investigation by the investigation committee whose members include third parties, additional auditing procedures by the accounting auditor, and the like, U-Shin will postpone the disclosure of the summary of financial results for the three months (1Q) ended March 31, 2019 (the "Event").
We are carefully examining the details of the Event and its impact on U-Shin; however, the Event is expected to have only a minimal impact on the Company's consolidated business performance. The Company will promptly make an announcement if any circumstances that should be disclosed arise.
Also, as announced in the "Announcement of Results of Tender Offer for Shares in U-Shin Ltd. (Securities Code: 6985) for Business Integration with U-Shin Ltd. and Changes in Subsidiaries" dated April 11, 2019, for the purpose of business integration with U-Shin, the Company has been preparing for procedures for the purpose of purchasing all shares of common stock in U-Shin, excluding shares of common stock in U-Shin held by the Company and U-Shin's treasury shares, through a series of transactions (the "Squeeze-Out Transactions") after the tender offer for shares of common stock in U-Shin completed on April 10, 2019 (the "Tender Offer"). As stated in the U-Shin Press Release, U-Shin's extraordinary general meeting of shareholders that was scheduled to be held in June (at which meeting matters including the consolidation of common stock of U-Shin for the Squeeze-Out Transactions are planned to be proposed, as announced by U-Shin in the "Notice of Setting the Record Date for Convening the Extraordinary General Meeting of Shareholders" dated April 23, 2019) is planned to be postponed to July. Regarding the policies to be implemented after the Tender Offer including the Squeeze-Out Transactions and regarding future prospects, etc., there is no change at this time in the details set forth in the "Announcement of Commencement of Tender Offer for Shares in U-Shin Ltd. (Securities Code: 6985) for Business Integration with U-Shin Ltd." announced by the Company on February 14, 2019. We are carefully examining the details of the Event and its impact on U-Shin and the Squeeze-Out Transactions, and the Company will promptly make an announcement if any circumstances that should be disclosed arise with regard to the Squeeze-Out Transactions.
The Company will announce its financial results for the fiscal year ending March 31, 2019 on May 8, 2019 as scheduled.
Attached : "Notice of Postponement of Announcement of Financial Results for the Three Months (1Q) Ended March 31, 2019 and the Establishment of an Investigation Committee" by U-Shin dated April 26, 2019
|Company Name:||MINEBEA MITSUMI Inc.|
CEO & COO
(Code No. 6479, TSE Div. No.1)
Corporate Communications and Investor Relations Office
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