27th Apr 2017 07:00
Cancellation of Treasury Shares
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors ("BOD") has resolved to cancel 50% of common and preferred treasury stocks held by SEC. Detailed information about the decision is set forth below:
□ Details of the treasury share cancellation
Type of Shares to be Cancelled | 1. Common stock held in SEC treasury 2. Preferred stock held in SEC treasury |
Total Number of Shares to be Cancelled | 1. Common stock: 8,990,843 2. Preferred stock: 1,614,847 |
Total Number of Shares Outstanding | 1. Common stock: 139,659,337 2. Preferred stock: 20,258,427 |
Estimated Value Per Share | KRW 5,000 |
Estimated Total Value of Cancelled Shares | KRW 4,875,163,307,899 |
Acquisition Method | Shares held in SEC treasury |
Scheduled Date of Cancellation | May 2, 2017 |
Resolution date | April 27, 2017 |
Other Information | - SEC plans to cancel shares held in treasury (Common shares: 17,981,686, Preferred shares: 3,229,693) over two phases. The BOD resolved today to cancel 50% of the treasury shares in phase one, with the remaining shares to be cancelled through a BOD resolution in 2018. - This transaction is to cancel the treasury shares acquired within the scope of the profit available for dividend by BOD resolution. This transaction only reduces the number of issued shares and does not change the Company's capital. - The estimated total value of cancelled shares was calculated by multiplying the average acquisition price of treasury shares by the number of shares to be cancelled and reflects the book value on the BOD resolution date. - The scheduled date of cancellation may change while coordinating with relevant organizations. |
□ Attendance of Independent Directors at the BoD meeting: 5 (100%)
Related Shares:
Samsung El.gdr