Press Release
Chubu Electric to Acquire and Cancel Treasury Shares
January 28, 2011
Chubu Electric Power Co.,Inc.
Chubu Electric to Acquire and Cancel Treasury Shares
(Acquisition based on establishment of articles of association following Company Law, Article 165, Paragraph 2, and Cancellation based on Company Law, Article 178)
Chubu Electric Power Company, Incorporated hereby announces that, at the January 28, 2011 meeting of the Board of directors, it decided to acquire treasury shares under Article 156 of the Company Law of Japan as applied pursuant to Article 165, Paragraph 3, and to cancel treasury shares under Article 178 of the Company Law of Japan.
<Details>
1 Intention for acquiring and cancelling treasury shares
The resolution intends to raise shareholder value
2 Acquisition details
(1) Type of shares to be acquired
Chubu Electric common share
(2) Maximum number of shares
5 million shares
(0.7% of shares issued excluding treasury shares)
(3) Maximum acquisition value of shares
12 billion yen
(4) Acquisition period
February 01, 2011 - March 31, 2011
3 Cancellation details
(1) Type of shares to be canceled
Chubu Electric common share
(2)Number of shares to be canceled
All the shares acquired as stated above in "2 Acquisition details"
(3)Cancellation date
Between the completion of acquisition as stated above in "2 Acquisition details", and April 30, 2011
<Reference>
Treasury shares held by Chubu Electric as of December 31, 2010
Total shares issued (excluding treasury shares)
762,837,257 shares
Treasury shares
162,743 shares