Chapter 906 - Public Announcement on Transferring Ownership Interest (1) – Part 1
Chapter 906: Public Announcement on Transferring Ownership Interest (1) – Part 1
Gun-Ho went home after work. He had a very satisfactory dinner that day. The food that Young-Eun prepared was delicious.
Young-Eun seemed to be feeling better. She seemed to be in a good mood too. With a light make-up, she looked pretty.
“Today is someone’s birthday?”
“You are chairman now, huh? I read it online.”
“Oh, that. Well, it’s just another job title. Nothing much would be changed.”
Sang-Min was now more than 10 months old. He already learned how to crawl on the floor. Sang-Min was crawling toward Gun-Ho while laughing happily.
Young-Eun said in a delighted voice while clapping, “Sang-Min! Your chairman daddy is home.”
Gun-Ho picked up Sang-Min and tossed the baby in the air to make him laugh even more. While being held in Gun-Ho’s arms, the baby kept pulling Gun-Ho’s tie.
Young-Eun said while having dinner, “I received a lot of calls today.”
“Calls from whom?”
“From friends from college. They were saying that they thought that I married a businessman who was running a small company, but it turned out that I married a man who owns a conglomerate company, well, according to them.”
“Is that right?”
“Also, my dad called me today. He read news about you from an economic newspaper. He said that he made a newspaper clipping too.”
“Why would he do that?”
“My dad said that he didn’t know his son-in-law owns that many companies. He seemed to be genuinely surprised.”
“Really?”
“As a matter of fact, I didn’t know you have that many companies either, oppa.”
“They are all just small companies. Except for GH Mobile, they are all tiny businesses. And, Dyeon Korea was a bit larger than the others, but I sold it.”
“Speaking of which, several of my friends from college asked me about when you would close the acquisition deal.”
“If they ask you again about it, just tell them that you have no idea. They might buy Dyeon Korea’s stocks based on what you tell them, and if the stock price drops, they would probably blame you for it. You don’t want that to happen.”
“I still remember the way they looked at me when I married you. They had this very questioning look on their faces. They just couldn’t understand why I chose to marry a guy who was running a small business. Now, knowing that one of your companies is a public company, they said that they truly envied me.”
“I didn’t know that people who graduated from the top university— Seoul National University— were money-oriented people.”
“I know, right? They were not like that when we were in college, but as they had to face the reality, they realized that money is extremely important.”
That evening, Gun-Ho and Young-Eun put their baby boy to sleep, and they had a good time for the first time in a long time.
The following day, Gun-Ho received a call from W Chemicals’ CEO.
“We are supposed to send you the full payment by today, but I’m afraid that we could only send you part of the payment. I’m so sorry about that. We sent 40 billion won to your bank account.”
“Hmm, really? I will verify it.”
“We will send you the rest of the payment within 3 days. We are taking out a loan from Korea Development Bank which was already approved, and W Chemicals has convertible bonds (CB) issued as well, so you don’t have to worry about the rest of the payment. It just takes longer than I expected. Oh, and, congratulations on your inauguration as chairman.”
“Thank you.”
Gun-Ho had asked GH Mobile’s accounting director to open a new business account last week for the purpose of receiving the payment from W Chemicals for selling Dyeon Korea’s shares. Gun-Ho opened the bank’s website and checked the balance of the new account. 40 billion won was there.
“W Group is supposed to be loaded with a substantial amount of cash since it’s a large company. But they are not sending me the payment at once, but they are trying to divide the payment into several pieces. Hmm, that’s right. Maybe they want to spend the money buying Dyeon Korea’s shares in the stock market.”
Gun-Ho quickly made a call to SH Investment Partners’ President Geun-Soo Son.
“Mr. Chairman? I was actually going to give you a call. Dyko’s stock price is now around 36,000 won, and someone is crazily buying all of the stock available in the stock market.”
“We will buy them too.”
“But, it’s too risky, sir. The price will soon increase to 40,000 won. That’s too high.”
“We sold 500,000 shares last time when the unit share price was 52,000 won, right?”
“Yes, we sold 500,000 shares, and we still have the proceeds.”
“As long as the price per share is below 40,000 won, buy them.”
“Yes, sir.”
The next day, Gun-Ho received a call from W Chemicals’ CEO again.
“We just sent you 100 billion won. That’s the fund that we had received for our CB. Please send us your confirmation on the receipt.”
“Okay, I will do that.”
When Gun-Ho checked the bank account, an additional 100 billion won was deposited. That made the account’s current balance 140 billion won.
Gun-Ho then checked Dyeon Korea’s stock price. It was 42,000 won.
At that moment, SH Investment Partners’ President Geun-Soo Son called Gun-Ho.
“Sir, I could buy only 100,000 shares since the price per share increased rapidly and hit 40,000 won. Strangely, I don’t see enough shares available to trade in the stock market right now.”
“You said that the current price is 42,000 won, right? Buy more as long as the price is below 45,000 won.”
“Mr. Chairman, it’s too risky. Dyko’s stock is good, but even with the current price per share, its market capitalization is exceeding 1 trillion won. Even though it is a theme stock, this is already too high. It’s time to sell, not time to buy, sir.”
“Just buy them as I said. And, buy them as many as you could.”
“Sir, I will just do as you asked even though I don’t think it’s a good idea.”
On the third day in the morning, W Chemicals’ CEO called Gun-Ho to inform him that they had sent the rest of the payment that day.
“I’m sorry for the delay. We just sent you the remaining payment.”
“You know how much money that you had to send, right?”
“Of course, I do. We bought Dyeon Korea’s shares that GH Mobile owned, which was 8.5 million shares. We are paying 32,000 won per share. So, the total price is 272 billion won. We had sent you 140 billion won so far, and today we sent you the rest of the amount— 132 billion won. We are coming to Dyeon Korea tomorrow at 10 am. Please gather its executive officers in a meeting room. I would like to meet them.”
“Let me verify the fund first, and then, I will give you a call after that.”
“Sounds good.”
Gun-Ho checked the bank account. An additional 132 billion won came in that day, so there were 272 billion won in total. Gun-Ho made a call to SH Investment Partners’ President Geun-Soo Son.
“Did you buy all of the 500,000 shares?”
“Yes, I did, sir.”
“What was the purchase price per share on average?”
“We bought them at 42,000 won on average.”
“So, the total number of shares that we have purchased so far is 3.2 million, right?”
“Yes, sir. We initially bought 3.2 million shares at 25,000 won on average, and subsequently, we sold 500,000 shares at 52,000 won, and then we bought 500,000 shares again today.”
“Okay. Well done. You need to keep monitoring the price change from now on, okay?”
“Of course, sir. I bought 500,000 shares today because you told me to do so, but I still think our purchasing price was too high. I’m not feeling comfortable about this.”
Gun-Ho made a call to W Chemicals’ CEO.
“It’s Gun-Ho Goo.”
“Mr. Chairman Goo. I’ve been waiting for your call.”
“I’m confirming that we have received the full amount of the payment as of today, which is 272 billion won. So, W Chemicals acquired GH Mobile’s ownership interest in Dyeon Korea as of today.”
“I guess that you might feel sad a little bit. I know that you grew that company from the beginning.”
“Right. I worked so hard to start that company and also in growing it this far. I’m experiencing mixed feelings right now.”