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Press Release
June 30, 2010 |
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Lion Corporation
President: Sadayoshi Fujishige
(Code 4912) |
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Lion Announces Transfer of Fixed Assets |
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Lion Corporation announces the decision, made at a Board of Directors meeting held on June 30, 2010, to undertake the transfer of fixed assets. Details of the transfer are as follows.
| 1. |
Reason for Asset Transfer
In order to facilitate the efficient management of assets held by the Lion Group, Lion Corporation will consolidate real estate management operations within its consolidated subsidiary, Lion Business Service Co., Ltd. As a part of this measure, ownership of the site of Hirai R&D Center’s administration building, which is located in Edogawa-ku, Tokyo, will be transferred to Lion Business Service Co., Ltd. |
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Details of Asset Transfer |
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| (1) Asset location and contents: |
2397-2, Hirai 7-chome, Edogawa-ku, Tokyo
Size of the site is 5,224.2m2 and it includes a security post, gate and other ancillary facilities |
| (2) Book value: |
¥26 million (Value forecasted for September 2010) |
| (3) Transfer value: |
¥1,390 million |
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| 3. |
Overview of Asset Transfer (As of December 31, 2009) |
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| (1) Business name: |
Lion Business Service Co., Ltd. |
| (2) Location of head office: |
3-7, Honjo 1-chome, Sumida-ku, Tokyo |
| (3) Representative: |
Shuichi Ohta, Representative Director |
| (4) Main business activities: |
Real estate rental, dealing, and brokerage management of employee welfare facilities |
| (5) Capital: |
¥490 million |
| (6) Incorporation date: |
June 21, 1961 |
| (7) Net assets: |
¥4,299 million |
| (8) Total assets: |
¥5,838 million |
| (9) Ratio of shares held: |
Lion Corporation, 100% |
| (10) Relationship with Lion Corporation: |
Consolidated subsidiary |
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| 4. |
Schedule of Transfer |
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| (1) Date of Board of Directors’ decision: |
June 30, 2010 |
| (2) Date of contract conclusion: |
September 1, 2010 (scheduled) |
| (3) Date of property transfer: |
September 1, 2010 (scheduled) |
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| 5. |
Outlook
Lion is scheduled to record an extraordinary income of ¥1,363 million in its non-consolidated financial statements for the fiscal year ending December 31, 2010 due to the transfer of said fixed asset. However, the impact on consolidated results stemming from said transfer to a consolidated subsidiary is expected to be minor. |
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