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Announcement of Merger of Subsidiary (Gnet Co. Ltd.) (Simple Merger and Informal Merger)

On July 11th, 2014, at the Board of Directors meeting of Pretta Inc., which operates "Denet Hobby Market" and "Denet Life Market" (Yokohama City, Kanagawa Prefecture, President and CEO: Yukio Watanabe), the board of directors have resolved, as of the 1st of October, 2014, to merge Gnet Inc. from a consolidated subsidiary of the company to a wholly-owned subsidiary. Here, we will disclose some of the items and details of this merger because it is a simple absorption-type merger to target a 100% consolidated subsidiary.

1. Purpose of merger

We aim to strengthen the sales base and sales force of Pretta Inc. by improving our business's organization. In addition, by integrating the wholesale business, centrally, to perform efficient management, in the future, we aim to maximize synergies, including our overseas sales strategy.

2. Summary of the Merger

(1) The Merger Schedule 
Resolution of the Board of Directors: July 11th, 2014 
Merger Agreement Signed: July 11th, 2014 
Extraordinary Meeting of Shareholders to Approve Merger Agreement: July 11th, 2014 
Implementation Date (Effective Date): October 1st, 2014

(2)Scheme of the Merger
An absorption-type merger, the surviving company Gnet Inc. will be extinguished by this merger and become a wholly owned subsidiary.

(3)The contents of the Assignment According to the Present Merger
There is no allocation of shares or other money due to the Merger.

(4)Treatment of Stock Acquisition Rights and Bonds with Stock Acquisition Rights of the Surviving Company
GNet Inc. has not issued any stock acquisition rights or bonds with stock acquisition rights.

3. Overview of the Company at the time of the Merger

  Surviving company Merged Company
(1) Name Pretta Inc. Gnet Inc.
(2) Location Kanagawa Prefecture, Kohoku-ku, Yokohama, Shin-yoshida cho, 6061 Kanagawa Prefecture, Kohoku-ku, Yokohama, Shin-yoshida cho, 6061
(3) Name and Title of the Representatives President & CEO
Watanabe Yukio
President & CEO
Watanabe Yukio
(4) Business Toy, Hobby,
Wholesale of Beauty and Household Goods, Retail
Toy, Hobby,
Wholesale of Beauty and Household Goods
(5) Capital 10 Million Yen 1 Million Yen
(6) Established Date May 9th 2009 December 15th 2007

For more financial content, please refer to the electronic public notice

4. Situation After the Merger

After the merger there will be no change in our name, location, the names and titles of the corporate representatives, our business, or capital at fiscal year-end.

5. Future Outlook

Because this merger is one of a consolidated subsidiary becoming a wholly-owned company, there is no impact on the consolidated results.

Inquire about this matter
Pretta, Inc. Publicity:press@pretta.co.jp