SK Inc. (034730) will transfer 1,487 of its own common shares, worth ₩816.4m, to five independent directors and one retired executive, the company said in a filing on Tuesday.
The split is 191 shares to the five independent directors under a stock grant scheme, and 1,296 to the retired executive under a treasury-share-based long-term incentive plan. The larger figure is net of tax and of the final settlement quantity.
The board resolved the disposal on 25 August with all five independent directors present. The share count differs from the plan the board approved on 31 July and published with the half-year report, because it was re-struck at the ₩549,000 close of 24 August.
SK Inc.'s (034730) treasury holding of 17,960,815 common shares is about 25% of the 72,502,703 shares outstanding. This disposal moves 1,487 of them.
Shares granted to the independent directors cannot be sold, transferred or pledged for three years. The company describes the scheme as tying board remuneration to corporate value.
The shares move between 26 August and 25 September through SK Securities. SK had disposed of 19,884 treasury shares earlier this year.
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| Symbol | Last Price |
|---|---|
| 034730SK Inc. | ₩573,000 +5.1% |