Vessel Exercises 70% Call Option on 6th CB... Overhang Issue Resolved
[Asia Economy Reporter Jang Hyowon] Vessel (CEO Seo Giman) announced on the 31st that it has completed the acquisition by exercising the put option (call option) on 2.8 billion KRW of the 6th convertible bonds.
The company explained that the last convertible bonds held by external institutions will be converted, and 81,528 shares will be additionally listed in June, but this accounts for only 0.67% of the total issued shares.
A company official stated, “Apart from the treasury bonds held by the company, there are no convertible bonds held by external bondholders, so the market's concern about the supply burden has been resolved.”
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He added, “Due to production cuts and withdrawal of domestic LCD (liquid crystal display) companies, it is expected that Chinese customers' market share will increase,” and “As a result, benefits and performance growth of affiliates are anticipated.”
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