Jo Ui-hwan and Special Relations Extend Stock Pledge Agreements; Holding Ratio Increases Due to Share Cancellation
Jo Ui-hwan and his special relations Kim Hye-ja, Jo Gyu-seok, and Jo Gyu-hyeong extended existing stock pledge agreements on July 7 and 14, 2026. The pledged shares total 634,000 shares, representing 4.76% of total outstanding voting shares.
The counterparties are NH Nonghyup Bank and Korea Securities Finance Corporation, with total loans amounting to approximately 6.75 billion KRW and interest rates ranging from 4.32% to 4.68%. This appears to be for personal financing purposes of the special relations.
As of the report date, the number of shares held remained unchanged. However, due to a share cancellation on November 25, 2025, which reduced total outstanding shares to 13,320,000, the holding ratio increased from 12.85% to 13.41%. The cancellation is positive for existing shareholder value.
[AI Summary]This report is a change filing for major shareholding with the purpose of influencing management, with the key change being the extension of existing stock pledge contracts. There is no change in the number of shares held; the ratio increase is solely due to prior share cancellation, and no new capital raising or dilution occurs. The pledged shares account for about 35% of the total holdings, indicating potential financial pressure on the special relations, but the risk is limited as the lenders are reputable financial institutions.