TOVIS Spin-off: Separate Casino and Automotive Display Businesses, Shareholder Return Policy Disclosed
Spin-off effective July 1, 2026: Surviving company (TOVIS, casino display) and new company (Neovue, automotive display). Split ratio 0.3536822, share consolidation ratio 0.6463178.
New company (Neovue) financials (Q1 2026 consolidated): Debt-to-equity 158.0%, current ratio 95.0%, debt dependency 25.8%. Surviving company (TOVIS): Debt-to-equity 61.2%, current ratio 182.8%, debt dependency 21.7%.
Surviving company profitability (Q1 2026 consolidated): Operating margin 14.0%, net margin 15.2%. New company profitability: Operating margin 5.4%, net margin 5.8%.
Shareholder return policy (2026-2028): Return 30% of separate net income (20% share buyback & cancellation, 10% cash dividend). Completed cancellation of 909,215 shares as of Q1 2026.
Customer concentration risk: Surviving company top 2 customers (Aristocrat, LNW) account for 57% of sales (Q1 2026). New company top 2 customers (Denso Korea, LG Display) account for 79.1% (Q1 2026).
Management stability: Largest shareholder (Kim Yong-beom) holds 11.0%, including related parties 16.93%. Shareholder voting agreement (3 years, 22.51%) and voluntary lock-up (3 years, 17.85%) in place.
New company re-listing: Passed preliminary review for KOSDAQ re-listing (March 12, 2026), expected listing on July 20, 2026. Surviving company will undergo change of listing.
Spin-off approval at general shareholders' meeting (June 2, 2026) required: Special resolution (attendance 2/3, issued shares 1/3 or more). Failure may result in cancellation of spin-off.