SHINTO Holdings, Inc.
Notice of Change in Use of Funds
Shinto Holdings has changed the use of funds due to a discrepancy between the use of funds disclosed on October 30, 2024 and the actual deployment. The allocation destinations for funds raised through new shares and stock acquisition rights were reconsidered, revealing that funds were actually deployed to procure raw materials for steel and non-ferrous metals, as well as for working capital, debt repayment, and loans. As a preventive measure, plans include maintaining a management ledger, dedicated accounts, double-checks before payments, pre-briefing to the board and timely disclosure, monthly verifications, internal audits, and staff training. There is no impact on consolidated results.
Key Figures
- Unknown: Total raised funds
- Unknown: Actual allocation amount (allocation via new shares)
- Unknown: Allocation amount for working capital and debt repayment
AI要約
Overview of change in use of funds
In reviewing the actual deployment against the funds-use disclosed on October 30, 2024, it was found that, unlike the planned allocations to Kitayama Trading and Daitsu Trading, the funds were directly allocated to the company’s procurement financing. For the 7th and 8th stock acquisition rights, funds were reallocated to metals, working capital, and debt repayment, resulting in a mismatch in fund use.
Prevention measures and future actions
We will strengthen internal controls through dedicated fund management accounts, maintenance of procurement fund ledgers, monthly cash in/out reconciliations and staff training, pre-payment double-checks, pre-briefing to the Board and timely disclosure, and verification through internal audits. Going forward, monthly reporting and timely disclosure will be maintained.
Shinto Holdings Co., Ltd.
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