NICE Total Cash Management Co., Ltd. agreed to acquire remaining 7.83% stake in Yonet Co., Ltd. from Saehan Venture Capital Co., Ltd. and other sellers for KRW 32.1 million.
March 06, 2013 at 11:00 pm EST
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NICE Total Cash Management Co., Ltd. (KOSE:A063570) agreed to acquire remaining 7.83% stake in Yonet Co., Ltd. from Saehan Venture Capital Co., Ltd. and other sellers for KRW 29.3 million in stock on March 7, 2013. NICE Total Cash Management Co., Ltd. will issue 0.8782952 for each share of Yonet Co., Ltd. NICE Total Cash Management Co., Ltd. will acquire 0.016 million shares of Yonet Co., Ltd. Saehan Venture Capital Co., Ltd. will sell 0.01 million shares of Yonet. Yonet Co., Ltd. will be dissolved after the transaction. The signing of merger agreement is March 15, 2013. The period of submission of objections from creditors of NICE Total Cash Management Co., Ltd. and Yonet Co., Ltd. will start on April 9, 2013 and will end on May 10, 2013.
As on March 15, 2013, an amendment was made in the terms of the exchange ratio. NICE Total Cash Management Co., Ltd. will issue 0.9590801 for each share of Yonet Co., Ltd., revising the deal value to KRW 32.1 million. NICE Total Cash Management Co. will issue a total of 15,009 shares. For the year ended December 31, 2012, Yonet Co., Ltd. had total assets of KRW 2.79 billion, total liabilities of KRW 2.99 billion, total stockholders' liability of KRW 200 million, sales revenue of KRW 4.23 billion, operating income of KRW 112 million, net profit before deducting income tax expense of KRW 3 million, net profit of current period of KRW 3 million and total comprehensive income of KRW 3 million. The Board of Directors of NICE Total Cash Management Co., Ltd. and Yonet Co., Ltd. resolved the transaction on March 7, 2013. The Board of Directors meeting replacing the general meeting of shareholders of NICE Total Cash Management Co., Ltd. and Yonet Co., Ltd. for approval of merger is scheduled to be held on April 9, 2013. The transaction is expected to close on May 11, 2013.
NICE Total Cash Management Co., Ltd is a Korea-based company mainly engaged in the automation equipment management. The Company mainly operates its businesses through four segments. The Financial and Value Added Network (VAN) Business segment provides services including automatic teller machines (ATMs) management, cash dispenser (CD) VAN, among others. The Cash Transportation Business segment offers services consisting of cash transportation, cash management and others. The Payment Equipment Business segment is engaged in the business of manufacturing and maintaining payment equipment such as point of sales (POS) and credit card payment terminals. The Merchant Network Business segment provides services including credit card VAN, merchant network, golf course enterprise resource planning (ERP).
NICE Total Cash Management Co., Ltd. agreed to acquire remaining 7.83% stake in Yonet Co., Ltd. from Saehan Venture Capital Co., Ltd. and other sellers for KRW 32.1 million.
NICE TOTAL CASH MANAGEMENT CO., LTD 
