Lead Real Estate Co., Ltd Announces Voluntary Lock-up Restrictions for Management and Senior Officers
TOKYO, Japan, June 21, 2024 (GLOBE NEWSWIRE) -- Lead Real Estate Co., Ltd (NASDAQ:LRE) ("LRE" or "the Company"), a Japanese real estate developer of luxury residential properties, including single-family homes and condominiums across Tokyo, Kanagawa prefecture and Sapporo, today announces that on May 8, 2024, Chairman and Chief Executive Officer, Eiji Nagahara, Chief Financial Officer, Daisuke Takahashi, and a director of the Company voluntarily entered into lock-up agreements for the benefit of the Company (the "Lock-up Agreements"). The Lock-up Agreements cover approximately 12 million LRE shares they collectively own, representing about 90% of the outstanding shares of the Company.
The Lock-up Agreements will remain in effect until November 7, 2024.
Chairman and CEO, Eiji Nagahara commented, "This Lock-up Agreements will give the Company additional time to deploy various strategic initiatives aimed at bridging the gap between our current market valuation and what we believe is our intrinsic fair value."
He further added, "This arrangement demonstrates management's unwavering commitment to Lead Real Estate's long-term growth strategy as well as to implementing initiatives aimed at maximizing long-term shareholder value. We are confident that this initiative will prove successful."
About Lead Real Estate Co., Ltd
Lead Real Estate Co., Ltd is a Japanese developer of luxury residential properties, including single-family homes and condominiums, across Tokyo, Kanagawa prefecture, and Sapporo. In addition, the Company operates hotels in Tokyo and leases apartment building units to individual customers in Japan and Dallas, Texas.
The Company's mission is to serve its customers by offering stylish, safe, and luxurious living. The Company's vision is to adopt the Kaizen (continuous improvement) approach to seek to improve its operations, and to leverage its nationally recognized, award-winning luxury homes and strong market position in the luxury residential property market in Tokyo, Kanagawa prefecture, and Sapporo to create a global transaction platform allowing access to prime Japanese condominiums as well as overseas condominiums, including in the U.S. and Hong Kong.
For more information, please visit the Company's website at https://www.lead-real.co.jp/en/.
Forward-looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact Information:
For Media and Investor Relations:
Daisuke Takahashi
Chief Financial Officer
Lead Real Estate Co., Ltd
[email protected]
+81 3-5784-5127
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the America's, 5th Floor
New York, NY 10036
Office: (646) 893-5835
Email: [email protected]
