Wemade share sale delayed two months, with 828 billion won balance due December 30
In short
Wemade moved the scheduled payment of an 828 billion won balance and its largest-shareholder change from October 30 to December 30. The company said closing conditions had been delayed but did not disclose which conditions remained unmet.
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Wemade postponed the scheduled payment of an 828 billion won balance and the change of its largest shareholder by two months, from October 30 to December 30. The Korean game company announced the revision in an amended filing on October 14. It said contractual closing conditions were taking longer to satisfy, but did not identify the specific requirement causing the delay. [ 1 , 2 , 5 ]
Chairman Park Gwan-ho (박관호) agreed on June 30 to sell all of his 39.33% stake to Neopeolseu (네오펄스) for 920 billion won. The sale covers 13,350,738 shares. A 92 billion won deposit, representing 10% of the total price, has been paid. The outstanding 828 billion won represents the remaining 90%. The amended filing leaves the sale price and number of shares unchanged, Bloter reported. [ 1 , 2 , 3 ]
The buyer is the acquisition vehicle for an investor consortium that includes Chinese game company Kingnet (킹넷), Korea Economic Daily reported. Once the acquisition is completed, the buyer's existing holding would bring its Wemade stake to 40.25%, making it the largest shareholder. Bloter reported that the shares and accompanying rights transfer upon payment of the balance, while control is to be transferred through the appointment of buyer-designated directors at an extraordinary shareholders' meeting. [ 1 , 3 ]
The contract requires closing conditions, including merger-notification approval, to be met or waived, according to Bloter. The company did not give an extraordinary shareholders' meeting date or explain whether that schedule had changed. Wemade warned that the balance-payment and closing dates may change again depending on whether and when the conditions are satisfied. It said it would provide updates through filings as the transaction progresses. [ 1 , 5 ]
Why it matters
The delay postpones the planned transfer of control under a 920 billion won sale of chairman Park Gwan-ho's (박관호) shares. The revised closing date remains dependent on satisfying the contractual conditions and could change again.
Key facts
- Wemade announced the two-month delay in an amended filing on October 14. [ 1 , 2 , 3 , 5 ]
- Park agreed on June 30 to sell a 39.33% stake to Neopeolseu (네오펄스) for 920 billion won. [ 1 , 2 , 3 , 5 ]
- A 92 billion won deposit has been paid; the 828 billion won balance is now scheduled for December 30. [ 1 , 2 , 5 ]
- The buyer would become Wemade's largest shareholder with 40.25% after completion. [ 1 , 3 , 5 ]
Confirmed by several sources
Still unclear
- Which closing condition caused the delay and whether the deal will close on December 30. Wemade did not disclose the specific condition and warned the schedule could change again.