JSCO Holdings Cancels 8 Billion Won Convertible Bonds... "Maximizing Shareholder Value"
JSCO Holdings announced on the 8th that it has decided to cancel 8 billion KRW worth of the first series convertible bonds (CB) acquired through the put option (call option).
With this cancellation decision, the conversion of 3,266,639 shares, equivalent to approximately 7.62% of the total issued shares, is expected not to occur. The company explained that this decision aims to minimize the overhang (sellable volume) risk and enhance shareholder value, especially as it is currently pursuing new businesses centered on the nickel ore project in the Philippines.
Additionally, JSCO Holdings plans to resell part of the first series CB acquired quickly through the call option and pursue the acquisition of exclusive sales rights for the Philippine nickel business. Upon securing the exclusive sales rights contract, additional revenue from nickel ore sales is expected alongside dividends from EVMD shares.
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A company representative stated, “This CB cancellation has minimized stock dilution factors,” adding, “We will continue to enhance shareholder value and strengthen responsible management while steadily advancing the Philippine nickel ore project to improve corporate value.”
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