Press Release
Chubu Electric to Acquire and Retire Treasury Stock(Acquisition based on provision of articles following Company Law, Article 165, Paragraph 2 and retiring based on Company Law, Article 178)
January 28, 2011
Chubu Electric Power Co.,Inc.
At the January 28, 2011 meeting of the Board of Directors, Chubu Electric decided to acquire treasury stock under Article 156 of the Company Law of Japan as applied pursuant to Article 165, Paragraph 3. At the same time, we decided to retire the treasury stock that will be acquired based on the above decision of the Board of Directors, under Article 178 of the Company Law of Japan. Please find details as follows.
Details
1. Reason for acquiring and retiring treasury stock
Toenhance shareholder value.
2. Buyback details
(1) Type of shares to be acquired
Chubu Electric common stock
(2) Maximum number of shares to be acquired
5 million shares (0.7% of shares issued excluding treasury stock)
(3) Maximum acquisition value of shares
12 billion yen
(4) Acquisition period
February 1, 2011 - March 31, 2011
3. Retirement details
(1) Types of shares
Chubu Electric common stock
(2) Number of shares
Total of treasury stock acquired based on the above 2
(3) Retirement date
To be executed after acquiring treasury stock based on the above 2 before April 30, 2011
<Reference> Treasury stock held by Chubu Electric as of December 31, 2010
Total shares issued (excluding treasury stock)
762, 837, 257 shares
Treasury stock
162, 743 shares