KOREA.....news just out with MSFT taking a larger position.......anyone follow this recent IPO? Any opinions?
Korea Thrunet Announces Microsoft Increases Its Holdings via Option
PR Newswire - November 24, 1999 11:37
NEW YORK and SEOUL, Korea, Nov. 24 /PRNewswire/ -- Korea Thrunet Co., Ltd. (Nasdaq: KOREA) today announced that Microsoft Corporation (Nasdaq: MSFT) exercised an option to purchase additional shares in Korea Thrunet, which was recently listed on NASDAQ. Pursuant to the Investment Agreement signed between Microsoft Corporation and Korea Thrunet, Microsoft had the option to purchase shares in addition to its initial investment within 5 trading days after IPO.
Microsoft's holdings in Korea Thrunet increased from 4.5% to 10.5% of the total shares outstanding on a fully diluted base. By exercising the option, Microsoft has become eligible to designate one seat on the Board of Directors of Korea Thrunet. Since this investment will be in the form of a private placement, the shares purchased by Microsoft will not be included in the current stock circulation on NASDAQ.
After the option exercise by Microsoft, the total shares outstanding of Korea Thrunet increased from 67,432,144 to 71,957,858 while total shares in float remained 11,615,000. Korea Thrunet offered total 10,100,000 shares through its initial public offering on November 17, 1999 and additional 1,515,000 through the subsequent overallotment option.
This press release shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation, or sales would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offer is made only by the prospectus. Copies of the prospectus relating to the offering may be obtained from Lehman Brothers Inc. c/o Automatic Data Processing, Prospectus Fulfillment, 55 Mercedes Way, Edgewood, NY 11717, USA, telephone 516-254-7106.
About Company
Korea Thrunet Co., Ltd. is the leading provider of high-speed Internet services in Korea, with 90,693 end users as of September 30, 1999. Thrunet service features "always-on" Internet access at speeds up to 100 times faster than traditional dial-up Internet access, with compelling multimedia content ranging from on-demand music videos and Internet telephony to multimedia bulletin board and multimedia chatting services. Korea Thrunet also provides facilities-based data communications services to more than 100 corporate customers in Korea, including several major telecommunications carriers such as SK Telecom Co. Ltd. and Shinsegi Telecom Inc. Founded in July, 1996, Korea Thrunet's principal offices are located at 1338-5, Seosho-2 dong, Seosho-ku, Seoul, Korea 137-072.
SOURCE Korea Thrunet Co., Ltd.
/CONTACT: Yong Song Lee of Korea Thrunet Co., Ltd., +822-3488-8058,
in Korea, or fax, +822-3488-8700, or welcome@corp.thrunet.com; or Mami Ogawa
of Thomson Financial Investor Relations, 212-701-1824, or fax, 212-344-5929,
or mami.ogawa@thomsonir.com, for Korea Thrunet Co., Ltd./
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