Orion Subsidiary PAN ORION Acquires 82.5 Billion KRW in Convertible Preferred Shares of Legochem Biosciences
Orion's subsidiary PAN ORION Corp. Limited has decided to acquire 552,578 convertible preferred shares of its affiliate Legochem Biosciences for 82.5 billion KRW through a third-party allotment rights offering.
The purpose is to participate in an investment linked to a high-tech strategic industry fund, resulting in a 25.28% stake in Legochem Biosciences after the acquisition.
The conversion price is set at 149,300 KRW per share with a one-year lock-up period, and the issuer holds a call option to repurchase up to 10% of shares between 24 and 48 months post-issuance at an annual 1% premium.
PAN ORION's total assets stand at approximately 2.12 trillion KRW, accounting for 46.1% of Orion's consolidated assets.
[AI Summary]Orion made a strategic biotech investment through its subsidiary, with the amount representing a modest 1.79% of consolidated assets but tied to a government-backed fund, offering growth potential. The convertible preferred terms include adjustments and a call option, with long-term equity appreciation possibly supporting the stock price.
KOSPI Filing Information
Decision On Acquisition Of Stocks And Investment Securities Of Other Corporations (Voluntary Disclosure) (Major Management Matters Of Subsidiary)