[Click eStock] Acquisition of 2nd Largest Shareholder Stake in Hanssem, 'Positive Factor' for Management Participation

[Asia Economy Reporter Lee Seon-ae] Yuanta Securities forecasted on the 17th that the announcement regarding Teton Capital Partners (Teton), the second largest shareholder of Hanssem, increasing its stake in Hanssem from the previous 8.62% to 9.23%, a 0.61% increase, and changing the purpose of holding shares from simple investment to management participation, will act as a factor driving the stock price up.

Kim Ki-ryong, a researcher at Yuanta Securities, explained, "Considering this announcement strengthens Teton's role as the second largest shareholder representing minority shareholders, the possibility of interpretation regarding the management dispute, and the alleviation of overhang concerns related to opposition to the sale, it is expected to act as a factor for stock price increase," adding, "Excessive interpretation of the management dispute should be regarded as a factor to be cautious about." The last date Teton acquired Hanssem shares through on-market purchases is identified as March 22, 2021.

In September, Teton officially expressed opposition by filing a provisional injunction with the court against IMM Private Equity (IMM PE), a private equity fund operator, acquiring Hanssem by establishing a management participation-type private equity fund (PEF).

Hanssem had already disclosed the signing of a stock purchase agreement to sell 27.7% of shares held by the largest shareholder and seven related parties to IMM PE for approximately 1.45 trillion KRW (expected transaction completion date: December 31, 2021). Excluding the treasury shares held by Hanssem (26.7%), the major shareholders' stakes are composed of IMM PE 37.8%, Teton 12.6%, and the National Pension Service 11.5%, among others.

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