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Strategies & Market Trends : Low Price/Cash Ratio Value Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (1472)	10/21/2011 12:52:15 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 1931

GRVY: - They are profitable, but barely. - They have not executed with Ragnarok 2 and may never execute. - The market has fallen producing values all around, so relatively speaking GRVY is less attractive. Even within the games sector, there are other opportunities that may be more compelling: finance.yahoo.com Disclosure: I have positions in GRVY, GAME, PWRD

To: Elroy who wrote (1472)	10/21/2011 2:23:04 AM
From: S. maltophilia	Read Replies (3) \| Respond to of 1931

Interesting little doggie, and new to me. I spent a little time with the 20-F. These are what I see as the main concerns: GungHo - with 59% of the shares, they are in the driver's seat, and the other stockholders are in it for the ride they call. If it were my company, I'd consider winding it up and give everyone all their chips back (remember FIT? See Message 12282652 and responses ). But there seem to be some pitfalls for ADR holders under Korean law: You would not be able to exercise dissent and appraisal rights unless you have withdrawn the underlying common shares from the depositary facility and become a holder of our common stock. In some limited circumstances, including the transfer of the whole or any significant part of our business, our acquisition of a part of the business of any other company having a material effect on our business, or our merger or consolidation with another company, dissenting shareholders have the right to require us to purchase their shares under Korean law. However, if you hold our ADSs, you will not be able to exercise such dissent and appraisal rights unless you have withdrawn the underlying common shares from the depositary facility and become our direct shareholder prior to the record date for the shareholders’ meeting at which the relevant transaction is to be approved. sec.gov (around p.25) I like it that there are no other large holders of this stock, but having to contend with a majority owner makes me nervous. Presumably, their interest as the Japan licensee would align with GRVY, but there seems to be some opacity there. How about Ragnarok II. Soon come or never? Will anyone care? I'm too far away from the online gaming world to venture an intelligent opinion. Time for some DD on my part. Other than that, looks like an interesting speculation. Thanks for bringing it to my attention.