TONGYANG Decides Massive Cancellation of ~10% Common Shares, Boosting Shareholder Value
TONGYANG decides to cancel 24,439,999 common shares (~10.24% of outstanding) and 171,980 preferred shares (~14.37%), with cancellation date set for June 9, 2026.
The cancellation uses already acquired treasury shares (book value approx. KRW 71.93B), reducing only outstanding shares without capital reduction.
After cancellation, total common shares outstanding decrease to 214,244,064, immediately boosting existing shareholders' ownership and EPS.
Board resolution on June 2 had full attendance of 5 outside directors, clearly stating purpose of enhancing shareholder value.
[AI Summary]Massive share cancellation (10%+ of common shares) is a powerful signal of shareholder return policy, directly increasing equity value without dilution, assessed as extremely positive.