Young-Jin Kim and Red Cats Fund 2 signed a contract to acquire 34.82% stake in Jeil Steel Mfg Co., Ltd. (KOSDAQ:A023440) from a group of sellers for KRW 26.4 billion on December 22, 2015. The sellers include Joon-seok Choi, Young-Jin Kim, Hye-Joon Yang, Oh, Sung Kwon, Jung-Hyun Lee, Red Cats Fund 2, and KBiz Co., Ltd. Young-Jin Kim will acquire 2.15 million shares and Red Cats Fund 2 will acquire 5.52 million shares at KRW 3,445 per share. Young-Jin Kim and Red Cats Fund 2 will pay KRW 13 billion as deposit upon contract signing and will receive 3.19 million shares, Jin Kim and Red Cats Fund 2 will pay KRW 6 billion and will receive 1.74 million shares on December 23, 2015 and Jin Kim and Red Cats Fund 2 will pay KRW 7.4 billion and will receive 2.73 million shares on December 28, 2015. As of December 22, 2015, Young-Jin Kim and Red Cats Fund 2 will pay KRW 5 billion as deposit upon contract signing and will receive 0.87 million shares, Jin Kim and Red Cats Fund 2 will pay KRW 6 billion and will receive 1.74 million shares on December 23, 2015 and Jin Kim, Jin Kim and Red Cats Fund 2 will pay KRW 8 billion and will receive 2.32 million shares on December 24, 2015 and Red Cats Fund 2 will pay KRW 7.4 billion and will receive 2.73 million shares on December 28, 2015. As per the amended agreement, Young-Jin Kim will acquire 1.5 million shares, Hye-Joon Yang will acquire 1.4 million shares, KBiz Co., Ltd. will acquire 0.7 million shares, Oh-Sung Kwon will acquire 1.1 million shares and Jung-Hyun Lee will acquire 1.3 million shares of Jeil Steel Mfg Co., Ltd. Out of second balance payment of KRW 4.8 billion, KRW 2.4 billion has been received on December 30, 2015 and remaining KRW 2.4 billion will be setoff with the forfeited amount upon contract on November 18, 2015. As on December 24, 2015, the payment schedule was amended, and the balance payment for the transaction will be made on December 29, 2015. The transaction is expected to complete on December 28, 2015. As of December 28, 2015, the balance consideration of KRW 13.69 billion for the acquisition is expected to be received by December 29, 2015. Young-Jin Kim that KRW 8.86 billion among the balance KRW 13.69 billion was paid on December 29, 2015.

Young-Jin Kim and Red Cats Fund 2 completed the acquisition of 34.82% stake in Jeil Steel Mfg Co., Ltd. (KOSDAQ:A023440) from Joon-seok Choi on December 30, 2015.