Seojin Clutch Co. Ltd. completed the acquisition of Shinhan 1st Special Purpose Acquisition Company LTD. (KOSE: A122690) from KTB Asset Management Co., Dongbu Asset Management, Kyobo Life Insurance Co. Ltd., Shinhan Investment Corp., and Eugene Asset Management Co., Ltd. in a reverse merger transaction.
April 03, 2012 at 12:00 am EDT
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Seojin Clutch Co. Ltd. entered into a contract to acquire Shinhan 1st Special Purpose Acquisition Company LTD. (KOSE: A122690) from KTB Asset Management Co., Shinhan Investment Corp., Kyobo Life Insurance Co. Ltd., Dongbu Asset Management and Eugene Asset Management Co., Ltd. in a reverse merger transaction on September 29, 2011. The merger ratio of Shinhan 1st Special Purpose Acquisition Company Ltd. to Seojin Clutch Co. Ltd. is 1: 0.6466498. The transaction was resolved by the Board of Directors of Shinhan on September 29, 2011. The transaction requires approval of more than 2/3 of the voting right of the present shareholders of Shinhan and more than 1/3 of the total issued shares. The merger ratio of Shinhan 1st Special Purpose Acquisition Company Ltd. to Seojin Clutch Co. Ltd. has been changed to 1: 0.6335862. The merger ratio has been changed to 1: 0.4410029.
The general meeting of Shinhan stockholders is scheduled to be on February 29, 2012 from earlier date January 9, 2012. Merger date is scheduled to be April 3, 2012 from earlier date February 13, 2012 while the scheduled merger registration is April 4, 2012 from earlier date February 14, 2012. The scheduled listing date is April 19, 2012 from earlier date February 27, 2012. The period of submission of objections from creditors will start from March 2, 2012 to April 2, 2012. As of April 4, 2012, the period of submission of objections from creditors will now start from March 6, 2012 to April 5, 2012. A general shareholders meeting will be held on April 6, 2012 to announce the closing of merger.
Seojin Clutch Co. Ltd. completed the acquisition of Shinhan 1st Special Purpose Acquisition Company LTD. (KOSE: A122690) from KTB Asset Management Co., Dongbu Asset Management, Kyobo Life Insurance Co. Ltd., Shinhan Investment Corp., and Eugene Asset Management Co., Ltd. in a reverse merger transaction on April 3, 2012.
Seojin Automotive Co., Ltd. is a Korea-based company engaged in the manufacture and distribution of automobile parts. The Company, along with its subsidiaries, mainly provides clutches, CAM shafts, cowls, bumpers, main cores, consoles, mounts, dampers, lower arms, spring pads, bearings, weather strips, glass runs, hoses, hoods, rear beams, under body skid plates, side sills, load floors, steering wheels, flywheels, metal molds, wheel covers and others, which are applied in the automobile transmission, brake and engine systems, automobile body and others. In addition, it is involved in the import and export of automobile parts. The Companyâs main clients include Hyundai Motor Co., Ltd, KIA Motors Corporation, Hyundai Mobis Co., Ltd and others.
Seojin Clutch Co. Ltd. completed the acquisition of Shinhan 1st Special Purpose Acquisition Company LTD. (KOSE: A122690) from KTB Asset Management Co., Dongbu Asset Management, Kyobo Life Insurance Co. Ltd., Shinhan Investment Corp., and Eugene Asset Management Co., Ltd. in a reverse merger transaction.