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prices shall be paid to the shareholders who applied to the intermedi-
ary institution to exercise their right to dissociate on the business day
following the sale, at the latest.
The shareholders, or their representatives, who attend the general
assembly meeting regarding material transactions and record their dis-
senting vote to the minutes, shall maintain their voting rights on other
issues stated in the agenda of the general assembly.
The shareholder’s right to dissociate can be exercised for the
entirety of the shares, notwithstanding the group/class of such shares.
Value of the Shares Subject to the Right to Dissociate
For companies whose shares are traded on the stock exchange, the
value of the shares subject to the right to dissociate shall be the aver-
age of the corrected weighted average prices within thirty days before
the date of public disclosure of the transaction (excluding the date of
disclosure).
For companies whose shares are not traded on the stock exchange,
the value of the shares subject to the right to dissociate and the evalu-
ation report which shall be prepared pursuant to the relevant regula-
tions of the Capital Markets Board to determine whether such value is
fair and reasonable, shall be disclosed to the public together with the
agenda of the general assembly meeting in which the material transac-
tions will be discussed.
If there is more than one announcement with regard to the materi-
al transactions, the date on which the plan/intent of the relevant pro-
posed transaction is announced shall be taken into consideration.
Each material transaction shall be stated separately in the agenda
and discussed separately in the general assembly. The value of the
shares subject to the right to dissociate for each transaction shall be
calculated and stated in the agenda. However, the higher value shall be
taken into account for the shareholders who record their dissenting
vote to the minute for more than one material transaction.
The value of the shares subject to the right to dissociate shall be
paid in cash and at once.
CAPITAL MARKETS LAW
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