Creverse Decides to Cancel 500,000 Treasury Shares... Strengthening Shareholder Returns, Positive for Stock Price
Creverse has decided to cancel 500,000 common shares on June 29, 2026.
The cancellation represents approximately 4.66% of total issued shares of 10,738,180, with a total book value of 12,160,500,000 KRW.
The shares were previously acquired treasury shares within distributable profits, so no capital reduction occurs.
The purpose is to enhance shareholder returns and shareholder value, which is likely to increase per-share value.
The decision was made by the board with the attendance of two outside directors and the auditor, ensuring proper governance.
After cancellation, the number of outstanding shares will decrease to 10,238,180, increasing existing shareholders' ownership stake.
[AI Summary]Creverse's cancellation of 500,000 treasury shares reduces outstanding shares by 4.66%, boosting existing shareholder value without any capital raise. This shareholder-friendly action is expected to positively impact the stock price.