Soop to Cancel KRW 18.9 Billion Worth of Treasury Shares

[Financial News] Soop will cancel 306,375 treasury shares it holds. The shares represent approximately 2.7% of its total issued shares, and the move is intended to enhance shareholder value and provide shareholder returns.
Soop announced on the 7th that its board of directors held a meeting on the 4th and decided to cancel the 306,375 treasury common shares held by the company. The shares are worth approximately KRW 18.9 billion based on book value, and the cancellation is scheduled for the 10th.
The treasury shares being canceled were previously acquired and held by Soop. They account for approximately 2.7% of the company’s total issued shares. Although the cancellation will reduce the total number of issued shares, it will not affect the company’s capital because the shares were acquired within the scope of retained earnings available for dividends.
Soop explained that the cancellation is intended to enhance shareholder value and provide shareholder returns. In June, key executives had expressed their commitment to responsible management by purchasing the company’s shares on the open market. At the second-quarter earnings announcement, the company also said it would specify plans to use its treasury shares within the year. The cancellation is being carried out as part of those plans.
Soop will also continue its shareholder-return policy. The company has announced plans to pay cash dividends equivalent to at least 25% of consolidated net income over the next three years.
Soop plans to pursue shareholder returns while securing a foundation for future growth. It will also work to strengthen the competitiveness of its core business by revitalizing the streamer and user ecosystem and advancing its platform services and revenue structure.
A Soop representative said, "The cancellation of these treasury shares is a decision aimed at providing shareholder returns and enhancing shareholder value. We will strengthen responsible management and communication with the market while building a foundation for growth in our core platform business."
 
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