43- Everyone’s share

God-sent Investment Genius Episode 43

Episode 43 – Each person’s share

2 days prior to the general meeting of shareholders;

Seo-yeon and Seo-gyeong siblings gathered at the Vertical Movement office were watching breaking news with Ji-hyeok.

– The ‘Act on the Improvement of the Distribution Structure of Mobile Communication Devices’, which has been sluggish so far, has finally passed the National Assembly.

– As a result, anyone in Korea can purchase a mobile phone terminal at the same price…

– On the other hand, the stock price of ‘Uwon Telecom’, which is threatening management rights after forming a consortium between a native activist fund and a foreign activist fund, closed the market once again with the passage of the bill.

– It is understood that most of the general investors have already responded to the tender offer, but domestic and foreign speculators still calculate that the difference in voting rights between the two sides will not be large, and judged that the money game will continue.

– Currently, the balance of purchases of Yuwon Telecom stocks is about 12 million shares, with deposits of nearly 3 trillion won…

– Beep!

Jihyeok, who turned off the TV, said to Seoyeon, who looked a little nervous.

“Did your father say anything?”

Seoyeon nodded, and Seogyeong shook her head and opened her mouth.

From noble mtl dot com.

“I’d rather call them out and get angry, but they don’t say anything. Seeing that I dismissed President Do Myung-hwan, who was my own person, you must be suspicious of me…”

Jihyuk smiled and said.

“Of course you know. However, Chairman Jin is a natural-born owner who is more like a politician than a businessman, so he is a person who will value face enough to lose face. He must be afraid of the media knowing that his children rebelled against him.”

“…No way, did you put that into the calculations and join hands with us?”

“Well, do you think this project would have failed just because I didn’t work with you two?”

“That, that’s… Whoa… I will definitely repay this grace.”

Jihyeok looked at Seoyeon and said.

“So far everything has gone my way, but it remains to be seen how the negotiations with Chairman Jin will end.”

Seoyeon said.

“Isn’t the situation over if Dad said he’d come here?”

“Even a mouse bites a cat when cornered, but would a person who thinks he’s a tiger give up so easily? And the problem isn’t me or Chairman Jin, it’s the two of you. It’s okay to be greedy, but it can end in a trivial quarrel between parents and children. It’s up to you to decide whether you want to attack them or not.”

“I understand, Mr.

“I see what you mean. In fact, I was just tired of playing with my father’s rhythm. I pretended to compete with my brother and did all the dirty work. Do you know why I was in the construction company? My role was to clean up what my brother had done. I just want to work and get evaluated.”

Jihyo nodded and said.

“So what kind of position would you like to have? If you want, I can even get you the position of president of a telecommunications company.”

“I am······.”

While Seo-gyeong hesitated, Ji-hyeok’s phone began to ring loudly.

“I’m Kang Ji-hyeok. …Yes, you can come up.”

Jihyeok said to the Seoyeon siblings.

“The two of you are going to the next room for a while. Chairman Jin is coming up soon.”

*

Chairman Seong-cheol Jin, who entered Ji-hyeok’s office under the guidance of CEO Jeong Yoo-jin, maintained a poker face.

It was quite a bold look for a situation where the group’s financial source and the largest affiliate might be lost.

There was an awkward silence for a while, and then Jihyeok opened his mouth.

“It’s the second time I see you.”

“Is it yours?”

“If you’re talking about the single-tong method, that’s right.”

“her······.”

“Is it wrong for a shareholder of a telecommunications company to work hard for the company’s interests?”

“Should I say thank you?”

“I can’t be. I might be the owner, so why would you accept such a courtesy?”

Chairman Jin Seong-cheol frowned and said.

“You know better that that’s impossible, right?”

“Do you really think so?”

“Even if the government is now giving up, there is no way to approve the acquisition of Yuwon Telecom, which occupies the majority of the domestic telecommunications market, for you, who were an American until recently. In the end, the stock price will go down and you will only suffer losses. You are a smart friend, don’t you know?”

Jihyeok smiled and said.

“Why is such a confident person sitting there right now?”

“You and I are trying to prevent the blood loss from getting too big.

“Well, my opinion is a little different… but I think if we take over the management rights, we will be able to recoup the money even if Yuwon Telecom organizes its non-telecommunications subsidiaries… I don’t think it’s going to go down much if you manage it.”

Yuwon Telecom records an average annual surplus of over KRW 1 trillion.

Last year, it recorded a surplus of 1.4 trillion won, and it is a company that recorded a net profit of more than 800 billion won even at a time when a lot of funds were needed for facility investment or overseas investment.

But why was it only recording a market cap of around 10 trillion won?

A typical company exhibits an average PER (earnings to price) between 10 and 30 times, but it is not surprising that a company with an oligopoly in the market, such as Yuwon Telecom, can go up to 30 times.

The problem is that the owner’s family’s negligent management, the fact that the company’s value can drop at any time due to a split listing, and the double counting problem that both the holding company and affiliates are listed are combined to record the lowest PER.

It was said that even now, when the market capitalization soared to 35 trillion, it was not an overestimated amount in Jihyeok’s eyes.

Chairman Jin Seong-cheol’s clenched fists began to tremble.

“Do you really want to do it to the end?”

Jihyeok called Jin Seongcheol in a low voice.

“Chairman Jin. Threats or conciliation don’t work on me. If you’re here to make a deal, take out your hand and show it. If the price is right, I’ll sell it, and if the price isn’t right, I’ll keep fighting.”

“······Do you think I’ll make a deal with you over the carrier?”

Jihyeok let out a small sigh and started talking again.

“Chairman Jin. As you know, I look at fortune tellers and contemplations. You are never the type to bet on odds. If there is even a 1% chance of losing, you won’t bet on a win. How could I believe you if you told me, in the face of a close fight, that you would choose war over trade?”

Chairman Jin Seong-cheol had no choice but to stare at Ji-hyeok, who was clearly seeing through him.

It was too accurate a judgment to refute, and he wasn’t a man who would act at will just because he was calm and appeased.

However, Chairman Jin Seong-cheol is also the head of a conglomerate that has led leading conglomerates.

It was a situation where his pride was too hurt to take out all his cards and show them.

“How much will it be?”

It was the idea that if the other party knew at least the amount they wanted, they could turn the negotiations in their favor.

“You probably don’t have that much money.”

“Don’t be sarcastic, tell me the amount you want. I’ll hand over other affiliates or real estate accordingly.”

Jihyuk smiled and said.

“If you’re determined that much, I can tell you my conditions.”

“Semiconductors, oil refining, and chemicals, these three are absolutely not allowed.”

“I’m not interested in that either.”

“Then I guess we can talk a little bit. Let’s talk.”

“First of all, the total stake we own is 17.2%. There is another 1% separately, but we do not intend to sell it, so we will remove it.”

Chairman Jin Seong-cheol got confused while calculating the value of Ji-hyeok’s actual stake.

Even if you simply calculate it, it is a huge amount of about 6 trillion won.

In addition, it was clear that he would demand a premium in return for giving up management rights.

Jihyeok said.

“There is nothing to worry about about the 5.8% stake held by MoreValue. If today’s negotiations are successful, only 1% will remain and 4.8% will be disposed of in the market. Instead, you will need to create a seat on the board of directors.”

“Keep talking.”

“What I have is 11.4%, but if you roughly convert it to the current stock price, it will be about 4 trillion won.

“I will agree.”

“Then, the story should be easy. 22% of treasury stock owned by the holding company Yuwon Co., Ltd., 2 trillion won at the current market price. Please exchange it with my 2 trillion won stake in the telecommunications company.”

Chairman Jin Seong-cheol, who had been trying to stay calm all along, started to get extremely excited when the story of the holding company was brought up.

“Yes… are you really harassing me? You’re giving away a controlling stake in the group over a telecommunications company?! Even if dirt gets in my eyes, that’s okay! It’s our Jin family’s.”

“Calm down. Who asked me to?”

“······Seoyeon is talking about seogyeong?”

“Didn’t you know everything? If only the chairman changes his mind, you will still stay within the chairman’s fence. Did you know? I will make the company bigger than the lacking eldest son and make the chairman happy.”

“Whoa…, call the two guys here for now.”

When Jihyeok tilted his head, Jin Seongcheol continued.

“Do you think I didn’t even know they were here? Go ahead and call them.”

“All right.”

*

Seo-gyeong and Seo-yeon, who lowered their heads, were unable to say anything to Chairman Jin Seong-cheol, as if their mouths were not easily separated.

Chairman Jin Seong-cheol spoke first.

“Raise your head. If you’re so sorry, you shouldn’t have started. Why did you stand like that?”

“Sorry, Father. I wanted to have a real chance too.”

“I’m sorry too, Dad. I didn’t want to go this far…”

“Okay. If you’re here for business, do business.”

Chairman Jin Seong-cheol said to Ji-hyeok.

“Okay, how much can I give you?”

“It would be enough to divide the division into 13% for Jin Seo-kyung and 9% for CEO Jin Seo-yeon.”

Chairman Jin Seong-cheol said to Jin Seo-gyeong ironically.

“13%… Yes, Zuma. Now you will have more shares than I do. Shall I hand over the chairmanship altogether?”

“Oh… no, father. And…”

“Don’t mumble and tell me. Why is this guy so crazy? That’s why I made Seo-Jun the successor.”

“It’s not like that, I’ll only have 10% of the shares. My father keeps 3%, and then give it to me when I feel like it’s useful. Instead, let me move to the position I want.”

“Do you want to have a position as president of a telecommunications company?

“No. Please send me to semiconductor. Wasn’t I supposed to go to semiconductor in the first place? You can do it.”

Chairman Jin Seong-cheol, who had been sarcastic all along, could no longer underestimate his second son.

Did the second son, who was always timid and indecisive, ever express his opinion like he is now? Chairman Jin Seong-cheol looked back and thought that maybe it was because of himself that Seo-gyeong had become like that.

“Think about it.”

This time, I asked Seoyeon.

“Seoyeon, what will you do?”

“I… If it’s okay with Mr. Jihyeok, I’d like to get a 5% stake in the holding company and the rest in cash. In addition to liquidating the loans for Yu-One Cosmetics and Yu-One DF…”

“It’s surprising that 5% is enough for your greed.”

“It’s not like you’re going to make me the successor anyway. 5% is enough. I’ll think that I have a part of Yuwon Group too. And the money my eldest brother took away from Cosmetics, I’ll have it now in Bitcoin. Let me get it back. .”

Chairman Jin Seong-cheol gave Seo-yeon an answer even before he finished speaking.

“Okay. Don’t do that.”

Contrary to Ji-hyeok’s concerns, Chairman Seong-cheol Jin made a hot decision without threats or conciliation.

“Thank you, Dad. I won’t be really greedy anymore.”

“Keuheum…”

Chairman Jin Seong-cheol turned his gaze to Ji-hyeok again.

“There are still 3 trillion left. If you want, at least use an IOU…”

“I will have U1 Shopping. President Jin Seo-joon and Chairman Jin Seo-joon’s 32% stake, and the telecommunications company’s 38% stake. .”

“That, that’s…”

Chairman Jin Seong-cheol’s eyes trembled violently at the completely unexpected request.

“I’d rather hand over my stake in the oil refinery. I’ll take more than 200 billion in dividends every year. So…”

“From the beginning, my only condition was U1 shopping. If you refuse, the negotiations will break down.”

Jin Seong-cheol had an expression as if the sky had collapsed, unlike when he was told to hand over his stake in the holding company.

Ji-hyeok said to Jin Seong-cheol, who was gritted and worried.

“Aren’t you supposed to make your two sons the same starting line? Just by taking a stake in the telecommunications company, President Jin Seo-joon will be several steps ahead. So choose now. Is it a telecommunications company or U1 Shopping?”

*

that evening,

President Lee Jae-seong, who met at the Presidential Suite of Yu-won Hotel, burst into laughter after hearing the outcome of Ji-hyeok’s negotiations.

“hahahaha, I heard you brought U1 shopping… hahahahaha.

“Are you that funny?”

“Jin Seo-joon has a bit of a cheeky side. We don’t have much overlap, and it’s something like a distributor powerhouse. Chairman Jin will be a bit upset. Every time the FKI meeting, the eldest son was talking about the succession, but it was the first time the succession work was done. I have to do it all over again, hahahaha.”

“Anyway, the funding was well spent. Take this.”

Jihyeok held out a rather thick envelope.

“It’s a 0.97% stake in Yuwon Telecom. It’s a stake I don’t need now… I think I’ll have enough interest on the 200 billion won I borrowed.”

“Kang Ji-hyeok is always accurate in his give and take. Just put it there. A leash for Yuwon Telecom is enough if he got a seat on the board of directors through More Value. Pay back the money he lent you slowly when you make money. Our Ilsung can’t afford that much. It’s possible.”

Jihyuk smiled and said.

“I need to finish the report I told you about quickly. I’ll send someone to deliver it by tomorrow.”

“hahahaha, you’re finally giving me the answer I’ve been waiting for. By the way, Mr. Kang Ji-hyeok, even if we don’t exchange like that, let’s be close from now on. Since I was born, I haven’t had any friends around me, so I’ve been very lonely. It was hard to see someone who could become a vessel worthy of becoming. But, I think Kang Ji-hyeok would be.”

At first glance, it could sound like an arrogant story that he would buy even a friendship with money, but Ji-hyeok could read the real loneliness on Vice Chairman Lee Jae-seong’s face.

He was born as the only son of a family with the highest rank in the business world, and he had to live his life with only one goal: succession under tremendous pressure.

Jihyuk said with a gentle smile.

“Then may I ask you a favor to commemorate our friendship?”

“hahahaha, just talk. I’ll help with anything within my reach.”

“If we take over U1 Shopping, we will launch a new group by taking over Yu-One DF, which has Yu-One Cosmetics and Yu-One Hotel.”

“Is the youngest daughter of the house doing that?”

“It’s the story that Seoyeon brought up first, and it’s also a difficult situation for each of us to stand on our own.”

“So what can I help you with?”

From noble mtl dot com.

“It would be nice if we could build bridges with the Baekje Hotel run by my younger brother.”

Tap the screen to use advanced tools Tip: You can use left and right keyboard keys to browse between chapters.

You'll Also Like