C&P Farm designated as exercise party for Hyundai Bioscience CB put option, holdings rise slightly to 12.05%
C&P Farm, the largest shareholder of Hyundai Bioscience, was designated on June 23, 2026 as the party to exercise the put option on the 12th convertible bonds, acquiring 97,901 call options and increasing its stake from 11.93% to 12.05%.
The underlying convertible bond conversion price is 10,201 won, well above the current stock price of 8,460 won, making conversion unlikely; the option acquisition did not involve actual cash outlay.
C&P Farm has pledged 7,505,287 of its 11,632,282 total shares to various savings banks and card companies with high interest rates of 9.9% to 10.0%, and its financial structure is weak with total debt of 81.1 billion won against equity of 6.4 billion won.
[AI Summary]The slight increase in the largest shareholder's stake appears aimed at maintaining control, but the heavy pledge of shares, high-cost debt, and low equity ratio signal financial stress. Conversion risk is low due to the high conversion price, but investors should monitor potential forced selling of pledged shares.