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1. The Defendant shall pay to the Plaintiff KRW 500,00,000 and the interest rate of KRW 15% per annum from July 14, 2018 to the date of full payment.
Reasons
1. Facts of recognition;
A. On January 25, 2017, C Co., Ltd. (hereinafter “C”) held a board of directors and resolved to issue the bonds to the Defendant once more than 2.3 billion won of the face value of the bonds (hereinafter “10 million won”). On the same day, C Co., Ltd. entered into a contract with the Defendant to acquire the instant convertible bonds.
The period for claiming the conversion of the instant convertible bonds from January 25, 2018 to December 25, 2019 is 11,410 won per share. The conversion price is 11,410 won per share. The shares to be issued upon conversion are 201,57 common shares registered in C, and the bondholder granted the right to claim early redemption prior to maturity for all or part of the amount equivalent to the principal of the bonds on the date when one year has passed from the date of issuance of the bonds and every three months thereafter.
B. On January 25, 2017, the Defendant borrowed 2.3 billion won from the Plaintiff’s land owner via the Plaintiff’s land owner on a monthly basis and on March 10, 2017, and offered the instant convertible bonds as security.
C. On January 25, 2017, the Defendant and C prepared and issued to the Plaintiff a letter of commitment to the effect that “The creditor may demand the Defendant to substitute the principal amount of the loan with C’s privately placed convertible bonds, and in which case C shall issue the privately placed convertible bonds within March 10, 2017, and the underwriter of the newly issued privately placed convertible bonds shall be a third party designated by the creditor or creditor.”
(hereinafter referred to as “instant commitment”). Article 2 (Selection of Purchase subject to Trade)
1. The right to purchase this case’s convertible bonds owned by the Defendant is granted the Plaintiff the right to subscribe to the instant convertible bonds, and there is no consideration, and the face value of the instant convertible bonds to be transferred to the Plaintiff from this sale is KRW 500 million.
Article 3 (Exercise of Right of Option)
1. The Plaintiff’s exercise of a purchase option is the instant case.