Stonebridge Capital and LS Securities Launch Tender Offer for Refine, a Real Estate Rights Investigation Firm

Stonebridge and LS Securities Establish Realty Fine
Aiming to Secure 78% Stake; Current Stake at 48%
Tender Offer Price Set at KRW 17,600... Highest This Year

On August 18, Realty Fine, established by Stonebridge Capital and LS Securities, announced that it is seeking to acquire a controlling stake in Refine, a domestic real estate rights investigation company.

Currently, Realty Fine holds about 48% of Refine's controlling stake and plans to conduct a public tender offer for an additional 30% stake (a total of 5,199,000 shares) based on the total number of issued shares. Through this, Realty Fine aims to acquire approximately 78% of the total shares. Realty Fine is currently the largest shareholder of Refine.

According to the tender offer statement disclosed on the Financial Supervisory Service's Electronic Disclosure System on the same day, Realty Fine, the tender offeror, stated, "Uncontrollable variables such as structural changes in the lease market and adverse regulations on jeonse deposit loans are acting as factors for performance uncertainty and downward pressure on share price for the target company, making the establishment of a consistent management strategy necessary to enhance business stability." They added, "Accordingly, through this tender offer, we aim to provide shareholders wishing for short-term divestment with an opportunity to realize profits, and in the long term, focus on sound management based on a stable controlling stake."

The tender offer price is KRW 17,600. This represents approximately a 30% premium to the closing price (KRW 13,580) on the day before the tender offer was announced, and about 50% and 64% premium to the volume-weighted average share prices for the previous one and three months, respectively. This is the highest price so far this year.

Realty Fine stated, "This tender offer offers a high premium of about 30% compared to the current market price, which should be attractive conditions for minority shareholders seeking short-term investment returns," and added, "Since the main purpose is to provide minority shareholders with the option to divest, delisting through this tender offer is not being considered at this time."

Realty Fine plans to purchase up to the maximum number of shares to be acquired in the tender offer, which is 5,199,000 shares, among the shares tendered in this offer. The tender offer period runs from today to the 16th of next month. Shareholders who wish to participate in the tender offer can either visit an NH Investment & Securities branch, the tender offer agent, or apply online.

This content was produced with the assistance of AI translation services.