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MBK's 2.4 mln Homeplus shares cancelled free of charge; 600 bln won burden stays
Коротко
MBK Partners' 2.4 million Homeplus common shares, acquired for about 2.5 trillion won, were cancelled without compensation on September 14 under a court-approved rehabilitation plan, Bloter and Korean business outlets reported. MBK and Chairman Kim Byung-ju still carry about 600 billion won in loans and guarantees even though they have given up shareholder rights, Bloter said. Korea Economic Daily reported the move is expected to speed up the sale of Homeplus.
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MBK Partners' Homeplus common shares have been cancelled in full without compensation under the retailer's court-approved rehabilitation plan, according to Bloter. The outlet reported that the 2.4 million shares held by an MBK special-purpose vehicle were cancelled as of September 14, following the plan the court approved in September, and that the stake had been acquired for about 2.5 trillion won. Newsis and Korea Economic Daily also reported the full cancellation of shares described as worth about 2.5 trillion won. [ 1 , 2 , 3 ]
Bloter explained that a free cancellation pays shareholders no compensation and leaves them no shares, unlike a capital reduction that keeps part of a stake, meaning existing shareholders give up their rights entirely. MBK had said repeatedly that it would accept the cancellation of all its common shares so that a new buyer could put fresh money into Homeplus without carrying the burden of the existing major shareholder's stake, the outlet said. [ 1 ]
Losing the shares does not remove MBK's financial exposure. Bloter reported that MBK and Chairman Kim Byung-ju still carry about 600 billion won in obligations taken on for the retailer's rehabilitation, in the form of personal contribution, cash support, loans and joint guarantees. An investment banking official told Bloter that MBK's several hundred billion won of financial support and its rapid move to cancel the common shares were a meaningful step by the major shareholder to clear obstacles to Homeplus's normalisation. [ 1 ]
Korea Economic Daily reported the cancellation under a headline saying it would speed up the sale of Homeplus, without naming a buyer or timetable. The same outlet reported that Kim Byung-ju, who was adopted as a witness, did not appear at the October 7 National Assembly audit of the SMEs ministry, and that ruling party lawmakers called his stated reason unacceptable and were considering a co-attendance order. It also reported that a media report saying prosecutors had tentatively concluded not to indict Kim over Homeplus short-term bond issuance and the rehabilitation filing drew criticism from both ruling and opposition parties, and that the broadcasting and media communications commission's rejection of Dealive's debt-reduction plan revived questions about MBK's responsibility as largest shareholder. [ 3 ]
Почему это важно
The cancellation removes the existing major shareholder's stake so that a new investor can put money into Homeplus without carrying that burden, according to Bloter. MBK and Kim nevertheless remain exposed to Homeplus's rehabilitation through guarantees and loans, and Korea Economic Daily ties the step to continuing political and regulatory scrutiny of MBK's role at the retailer and at other companies.
Ключевые факты
- The 2.4 million Homeplus common shares held by MBK's special-purpose vehicle were cancelled in full without compensation, under the rehabilitation plan the court approved in September, effective September 14, Bloter reported. [ 1 ]
- The cancelled stake was acquired for about 2.5 trillion won, according to Bloter; Newsis and Korea Economic Daily both described the cancellation as involving 2.5 trillion won of stock. [ 1 , 2 , 3 ]
- Free cancellation gives shareholders no compensation and no remaining share, unlike a capital reduction that leaves part of a stake, Bloter said, and MBK gave up shareholder rights including management rights. [ 1 ]
- MBK and Chairman Kim Byung-ju continue to carry about 600 billion won in financial obligations through personal contribution, cash support, loans and joint guarantees, Bloter reported. [ 1 ]
- Bloter reported that MBK had repeatedly said it would accept the full cancellation of its common shares so that a new buyer could inject fresh funds into Homeplus without the burden of the existing major shareholder's stake. [ 1 ]
- Korea Economic Daily reported the cancellation under the headline that it would speed up the sale of Homeplus. [ 3 ]
- Korea Economic Daily reported that Kim Byung-ju, adopted as a witness, did not appear at the October 7 National Assembly audit of the SMEs ministry, and that ruling party lawmakers called the reason unacceptable and were considering a co-attendance order. [ 3 ]
Подтверждено несколькими источниками
Пока неясно
- Whether and when a new investor will acquire Homeplus. No document names a buyer or a timetable; Korea Economic Daily only says the share cancellation is expected to speed up a sale.
- The reported prosecutorial decision not to indict Kim Byung-ju over Homeplus short-term bond issuance and the rehabilitation filing. Korea Economic Daily reports it as a media report that drew criticism from both ruling and opposition parties; no other document in this set confirms it.
- What role, if any, MBK keeps at Homeplus after giving up shareholder rights. Bloter says the 600 billion won burden continues without shareholder status, but the documents do not describe MBK's future role in the rehabilitation or sale.
- Why the broadcasting and media communications commission rejected Dealive's debt-reduction plan. Mentioned only briefly by Korea Economic Daily, which says it revived questions about MBK's responsibility as largest shareholder.
Что пишут местные СМИ
Хронология, местное время
- Bloter reports that MBK's 2.4 million Homeplus common shares were cancelled in full without compensation under the court-approved rehabilitation plan, effective September 14. [ 1 ]
- Newsis reports in its headline the full free cancellation of MBK's Homeplus common stock, described as 2.5 trillion won. [ 2 ]
- Korea Economic Daily reports the cancellation is expected to speed up the Homeplus sale, and notes Kim Byung-ju's absence from the day's National Assembly audit. [ 3 ]