[Breaking] Ray's Largest Shareholder to Change to Graphy... 26.14% Stake Transferred for 49.1 Billion Won

Ray's largest shareholder will be changed to Graphy Inc.

Ray announced in a regulatory filing on the 10th that its largest shareholder Lee Sang-chul and one other individual signed a share purchase agreement to transfer 4,087,749 shares to Graphy.

■ Transfer Scale: 49.1 Billion Won, 26.14% Stake

The price per share for the transferred shares is 12,024 won, bringing the total transfer amount to 49,151,093,976 won.

The sellers are Ray Holdings and Lee Sang-chul. Ray Holdings will transfer 2,895,937 shares (18.52% stake) and Lee Sang-chul will transfer 1,191,812 shares (7.62%). The total shares to be acquired by the buyer, Graphy, amount to 4,087,749, corresponding to a 26.14% stake.

■ Payment in Three Stages... Largest Shareholder Change Scheduled for September 16

The purchase price will be paid in stages. A down payment of 2.1 billion won was paid on the 10th, the date of the contract. An additional 26,775,888,504 won is scheduled to be paid on September 15, the first closing date, and 20,275,205,472 won on September 16, the second closing date.

The payment is divided based on the timing of the share transfers. On the first closing date, a total of 2,401,521 shares will be transferred, and on the second closing date, 1,686,228 shares acquired by Ray Holdings from exchangeable bondholders will be transferred. The scheduled date for the change of the largest shareholder is September 16.

■ Graphy: A Company Manufacturing and Selling Dental Medical Devices

The prospective largest shareholder, Graphy, is expected to own 4,087,749 shares, representing a 26.14% stake. Graphy is a corporation whose main business is the manufacturing and sale of dental medical devices, and its CEO is Shim Un-seop.

At the extraordinary general meeting of shareholders to be convened after the contract is signed, directors and an auditor designated by the acquirer will be appointed, resulting in partial changes to the board composition.

Meanwhile, the company stated that the contract schedule and other matters may change during consultations between the parties, and any major changes will be announced through relevant regulatory filings. Relevant disclosures will also be made once the share transfer is completed and the change of the largest shareholder is finalized.