Adjustment of Exchange Price for 15th Exchangeable Bonds due to Stock Split from 64,119 Won to 12,824 Won, No Impact on Shareholder Value
Hankook Cosmetics Manufacturing adjusted the exchange price of its 15th unsecured private exchangeable bonds from 64,119 won to 12,824 won due to a stock split.
As the par value changed from 500 won to 100 won, the number of exchangeable shares increased from 906,993 to 4,534,965, representing a five-fold increase.
This adjustment is a contractual obligation following the stock split and does not cause any actual dilution or change in shareholder value.
[AI Summary]The exchange price adjustment due to the stock split is a mechanical procedure with no economic effect, thus neutral for the stock price. The terms of the exchangeable bonds changed proportionally, resulting in no value change for existing shareholders or bondholders.
KOSPI Filing Information
Filing: Adjustment of Conversion Price, Exercise Price of Stock Subscription Rights, and Exchange Price (Notice of Disclosure)