On the 4th, SOOP held a board of directors meeting and decided to cancel 306,375 common treasury shares held by the company. The estimated cancellation amount is approximately 18.9 billion won based on book value, with the cancellation scheduled for the 10th.
The shares subject to cancellation represent approximately 2.7% of total issued shares. Consequently, while the total number of issued shares will decrease, stated capital will not be reduced as the cancelled treasury shares were acquired within the scope of profit available for dividends.
SOOP explained that this decision is a measure to enhance shareholder value and boost shareholder returns. Key management executives purchased company shares on the open market in June, and the company previously stated during its Q2 earnings announcement that it would finalize plans for treasury share utilization within the year.
The company also outlined a policy to distribute cash dividends equivalent to at least 25% of consolidated net income over the next three years. Alongside this, it plans to continue key strategies such as revitalizing the streamer and user ecosystem and refining its service and revenue structures.
A SOOP official said, "This treasury share cancellation is a decision aimed at returning profits to shareholders and raising shareholder value," adding, "We will strengthen responsible management and communication with the market, while solidifying the foundation for growth in our core platform business."
