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As for the share transfer ratio, we plan to deliver one share, 4.77 shares and 2.11 shares of the holding company against one share of the Company, Tokyu Community and Tokyu Livable respectively.
The number of shares allotted by the holding company is computed by multiplying the number of issued and outstanding shares of the three companies by the transfer ratio above. As presented in the bottom paragraph (Note 2), the total number of new shares to be issued by the holding company will be approximately 700,950,000.
Of 169 million shares, after excluding the Company's 530 million issued and outstanding shares, the number of the shares of the holding company to be allotted to the Company against its shares in Tokyu Community and Tokyu Livable will be 91 million. They are expected to be disposed of at a certain time in the future.
The balance, 78 million shares, other than those held by the Company, will be allotted to the shareholders of Tokyu Community and Tokyu Livable. As a result, the number of shares is expected to effectively increase.
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