News Iwakaze Capital's Takeover of Gonzo Parent Proceeds
posted on 2008-09-17 04:41 EDT
Japanese investment company Iwakaze Capital KK finalized its bid to become the majority owner of GDH, the parent company of the Gonzo anime production studio. Last week, Iwakaze made a significant investment in GDH by buying 1.9 billion yen (about US$18 million) in newly-issued shares. It is also increasing its stake in GDH to a controlling interest by paying 8,000 yen (US$74.65) per share to purchase 13,189 shares, or 15% of the current outstanding total. The acquisition is expected to be complete by October 10.
For the most recent financial year ending in March 2008, GDH posted an operating loss of US$32.6 million, and Iwakaze's takeover will effectively force out three of GDH's top corporate leaders. Shinichiro Ishikawa, the chief executive officer who has held the position since 2001 and was the executive producer of numerous Gonzo anime, will leave the company on October 1. Also leaving are director/chief financial officer Fumiaki Goto and executive vice president/chief operating officer Yasushi Uchida. No details are available yet on who will replace them, or on how this will affect Gonzo's current projects, such as S.A, Strike Witches, Rosario + Vampire Capu2, Linebarrels of Iron, The Tower of Druaga: the Sword of Uruk, Afro Samurai: Resurrection, and Slap Up Party -Arad Senki-.