Largest shareholder Myeong-hun Yoo's stake drops to 69.86%; CB conversion and 1.7M shares pledged as collateral with Daishin Securities raise potential margin call risk
The aggregate stake of largest shareholder Myeong-hun Yoo and special relations decreased by 5.30%p from 75.16% to 69.86% compared to the previous report. This dilution resulted from an increase in total outstanding shares from 21,040,488 to 22,662,548 due to the exercise of the 2nd convertible bonds on Aug 20, 2025. (Dilution risk)
Yoo himself purchased 13,180 shares on-market at an average price of 7,551 won using personal funds to maintain his stake at 41.60%. However, 1,708,429 shares (7.54%) are pledged as collateral, exposing potential margin calls or forced liquidation if the stock price falls. (Collateral risk)
The stock pledge agreement with Daishin Securities involves a loan of 3 billion won at 5.4% interest with a maintenance ratio requirement of 5%. Based on the current stock price of 7,800 won, the collateral value is approximately 13.3 billion won (1,708,429 × 7,800 won), representing a coverage ratio of 4.4x. (Collateral ratio analysis)
Among special relations, Jeong-hun Yoo holds 10.76%, maintaining the status as the second-largest shareholder. The overall friendly stake remains stable at 69.86%. (Management stability)
The conversion of the 2nd CB on Aug 20, 2025 is a past event already reflected. The main changes in this report are the modification of the stock pledge contract and small-scale sales by some executives (Ho-young Park, Jong-kook Kim, Dong-choon Kim, and Kyung-joong Kim). (Changes)
[AI Comprehensive Analysis]This disclosure shows that the largest shareholder's stake decline is a one-time event due to CB dilution, and the pledge appears for personal financing, posing no immediate threat to management control. However, the pledged volume of 1.7 million shares could become an additional risk if the stock price drops sharply, so monitoring the price trend is necessary.