Every On TV Co., Ltd. announced that it has received KRW 2 billion in funding from Hyundai HCN Co., Ltd.
December 23, 2014
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Every On TV Co., Ltd. announced a private placement of 400,000 shares at KRW 5,000 per share for gross proceeds of KRW 2,000,000,000 on November 25, 2014. The company will issue the shares to its existing investors. The transaction will include participation from existing investor, Hyundai HCN Co., Ltd. for 204,000 shares. On closing, the investor will hold 51% stake in the company. The company will issue 0.6666667 new shares for every existing share in the company. The subscription period for the shares will commence and end on December 23, 2014. The payment date for the shares is expected on December 24, 2014. The scheduled delivery date for the delivery of the new share certificates is expected on January 2, 2015. The transaction was approved by the board of directors on the same date.
On December 24, 2014, Every On TV Co., Ltd. closed the transaction. The transaction included participation from Hyundai HCN Co., Ltd. only for the entire amount. The shares of the other shareholders were forfeited. Hyundai HCN Co., Ltd. holds 100% stake in the company.
Hyundai Futurenet Co Ltd is a Korea-based company principally engaged in the digital signage business. The Company operates its business through four segments. The Signage Business segment is engaged in the provision of video contents such as information, entertainment advertisement and others through display screens. The Messaging Business segment is engaged in the provision of message agency services sent by corporates used for reservation, order confirmation, and delivery to customers as well as advertising and other purposes. The Immersive Contents Business segment is engaged in the provision of media art exhibitions and operation of museums. The Cosmetic Materials Business segment is engaged in the manufacture and sale of raw materials for cosmetics, health functional food and other products.