Prospect Co. Announcement: Notice Concerning Accrual of Extraordinary Profit, etc.

ST. PETER PORT, Guernsey, May 15, 2019 /PRNewswire/ -- The Company will record extraordinary profit, etc., during the consolidated first quarter financial period for the year ending March 31, 2020 and we hereby notify you as follows.

Note

1.    Details of Extraordinary Profit, etc.

Regarding unpaid amount of bonus for officers.  Mr. Curtis Freeze, (then: President and CEO, current: Director & CIO), which was determined in the year ended March 31, 2019, Mr. Freeze offered to return to the Company an amount equal to 10% of the unpaid bonus for officers based on the decline in price of the Company since November 2018.

Based on the above offer, extraordinary profit of \56.4 million will be recorded in the first quarter in the year ending March 31, 2020.

Mr. Masato Tabata, (then: Representative Director, Managing Executive Officer, current: President and CEO) offered to return the amount equal to 10% of the bonus for officers received for the same purpose as the above.  An extraordinary profit of ¥‎7.7 million will be recorded in the same financial period.

2.    Impact on Business Results

Impact on consolidated business results by the above accounting is now under scrutiny and if there is any matter to be notified, we will promptly disclose such matters.

Contact

Company Name: Prospect Co., Ltd.
Representative: President and CEO Masato Tabata
(Security Code: 3528 TSE 2^nd Section)
Contact: Chief of General Affairs Jiro Taketani
(TEL: 03-3470-8411)

SOURCE Prospect Co., Ltd.