SOOP will cancel 306,375 treasury shares it holds. The planned cancellation amount is about 18.9 billion won based on book value, equivalent to about 2.7% of the total number of shares issued.
SOOP said on the 7th that it held a board meeting on the 4th and decided to cancel 306,375 common treasury shares held by the company to enhance shareholder value. The cancellation is scheduled for the 10th.
The shares to be canceled this time are treasury shares that the company previously acquired and held. They account for about 2.7% of the total number of shares issued. The company said that while the total number of shares issued will decrease due to this cancellation, capital will not decrease because the treasury shares were acquired within the scope of distributable income and are being canceled accordingly.
A SOOP official said, "This treasury share cancellation is a decision to enhance shareholder value and return profits to shareholders." Earlier, key SOOP executives bought back company shares on the market in June, signaling a commitment to responsible management, and then said in the second-quarter earnings announcement that they would flesh out ways to use treasury shares within the year. This cancellation was pursued as part of the treasury share utilization plan announced at that time.
In addition, as part of its ongoing shareholder return policy, SOOP has presented a plan to pay at least 25% of consolidated net income as cash dividends over the next three years.
A SOOP official said, "While pursuing a balance between shareholder returns and securing a foundation for future growth, we plan to continue our core strategies, including revitalizing the streamer and user ecosystem and advancing our service and revenue structure."