Last checked at 16 Mar 2012 12:01
Notice on Some Revisions to LCD Business Spin-Off Plan
Since the resolution of the spin-off plan on February 20, 2012 at SEC's Board Meeting, a few changes have been made to the plan including the additions/complements in the list of transferrable assets (stakes in Samsung Corning Precision Materials, memberships, etc.) and the appointment of the executives of the new corporation. The revised plan was approved at the 43rd General Shareholders' Meeting of SEC.
We made the revision because we decided that it would be necessary from a management perspective to have our stake in Samsung Corning Precision Materials and some other assets transferred to the new corporation, considering that the purpose of the spin-off was to strengthen competitiveness by enhancing business expertise and efficiency.
We emphasize that the additions/complements will have no impacts on the substances of our company and that the decision was made for the purpose of reinforcing the new corporation's competitiveness in LCD.
※ Additional assets to be transferred
1. Investments in subsidiaries, joint ventures, and affiliated companies:
Stake in Samsung Corning Precision Materials (KRW1,771,209 million)
2. Security deposit, etc.: Resort memberships for employee benefits (KRW21,814 million)
Refer to the following table for the pre/post-split financial positions of Samsung Electronics and the new corporation with the additions/complements reflected.
(As of September 30th, 2011)
Before | After | Remarks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Basic facts of the spin-off D. Facts of the new company (6) Equity and Reserve |
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| Increased reserves were reflected according to the addition in transfer-rable assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Appointment of top management at new company | Executives and auditors of the new company shall be appointed at the General Shareholders' Meeting held to approve the spin-off or at the Inaugural Assembly of the new company. | ① Names & Social security no.
② The terms of the executives and auditors of the new company shall embark from the date of the spin-off. | Appoint-ment of execs and an auditorat the new company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. Assets and corresponding worth to be transferred to the new company E. Summarized financial standing before/after the spin-off |
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| Additional transfer-rable assets reflected in financial standing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[Appendix 1] Financial standing upon spin-off |
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| Additional transfer-rable assets reflected in financial standing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[Appendix 2] Assets to be succeeded |
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| Additional transfer-rable assets reflected in assets to be succeeded | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||