[Notice of A Merger To ADR holders]
We have resolved at the BOD held on March 31st, 2017 that WEBZEN&Play, Inc. shall merge with and into Webzen, Inc. According to the resolutions of the BOD, Webzen, Inc. and WEBZEN&Play, Inc. entered into the Agreement of Merger. We hereby announce the merger as obliged under the Commercial Act(the article 527-3) of Korea. As a shareholders of Webzen, Inc. you may file any objection in regard to the merger between Webzen, Inc. and WEBZEN&Play, Inc. until May 1st, 2017 referring to the following information :
1. Merging Companies
1) Surviving Company : Webzen, Inc.
2) Dissolving Company : WEBZEN&Play, Inc.
2. Merger Method
WEBZEN&Play, Inc. shall merge with and into Webzen, Inc. and
WEBZEN&Play, Inc. Corporation shall be dissolved.
(Small-Scale Merger)
3. Merger Ratio
Webzen, Inc. : WEBZEN&Play, Inc. = 1 : 0
(WEBZEN&Play, Inc. is 100% owned by Webzen, Inc. and
the merger has been decided in accordance with the merger ratio of 1:0.)
4. Date Set for Merger
June 5th, 2017
5. Submission of Objection
You may file an objection against the merger to J.P Morgan in writing until May 1st, 2017.
-Period for filing objection
FROM : April 17th, 2017.
TO : May 1st, 2017.
-Appraisal rights of shareholders is not applicable under the Article 527-3 of the Commercial Act of Korea.
-Should shareholders who hold more than 20/100 of the total outstanding shares express the opposition to the small-scale merger, the merger contract will not be accepted.
April 15th, 2017
Tae Young Kim
Chief Executive Officer
WEBZEN, Inc.
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