1Wk·

September 1

Good evening to all guys/gals, would anyone be able to explain to me basically what will be debated during the upcoming extraordinary meeting on September 1? And most importantly, what sentiment it might arouse among investors in case this is approved or not. They mention the issuance of particular new shares but I don't understand much about it.

19.08

335

Metaplanet

Bought x557 at €5.102

€2,841.69

3 Comments

Sceptical_Noob@Sceptical_Noob

1Wk

The September 1 meeting will be used to consider ambitious strategic proposals, with the goal of:
- Raising capital through the issuance of two classes of preferred shares (senior and convertible).
- Strengthen governance with statutory changes (cap increase, virtual meetings).
- Fund massive Bitcoin purchases, enhancing Metaplanet's position as one of the largest corporate holders of BTC.

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Sceptical_Noob@Sceptical_Noob

1Wk

Issuance of preferred shares of up to ¥555 billion (about US$3.7 billion)

- The company has filed a shelf registration to authorize the issuance of perpetual preferred shares totaling ¥555 billion, including two separate classes:
- Class A: senior shares, non-convertible, with priority in dividends and on liquidation.
- Class B: subordinated shares, convertible, with "put" option offering upside potential.
- The goal is to raise funds to finance further Bitcoin purchases, consistent with the company's strategy.

Proposed statutory changes

Three changes to the bylaws will be proposed during the EGM:
1. Increase in the total number of authorized shares (from about 1.61 billion to 2.72 billion).
2. Possibility of holding general meetings also in virtual form, without a physical location.
3. Formal definition of the two types of preferred shares (Class A and Class B), with regulation of characteristics, issued limits and governance structure.

Bitcoin strategy and context

- Metaplanet aims to accumulate up to 210,000 BTC by 2027, a figure that would represent about 1 percent of the entire global Bitcoin supply.
- By 2025, the return on their BTC treasury has already exceeded 430-450% on an annual basis.
- The new preference share structure aims to provide more flexibility in capital, without over-diluting common shares and allowing quick reactions to favorable market conditions.

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RedLineCTX@Nove03

1Wk

thank you for such a comprehensive answer. But here I don't understand what these preferred shares are, though. Anyway I thank you so much for forming an overview

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