Posco Holdings Inc 6-K, filed Apr 14, 2020
Posco Holdings Inc. (PKX)
About this 6-K
Posco Holdings Inc filed this 6-K on April 14, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2020
Commission File Number: 1-13368
POSCO
(Translation of registrant’s name into English)
POSCO Center, 440 Teheran-ro, Gangnam-gu, Seoul, Korea, 06194
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Decision on Contract for Share Repurchase Trust
| 1. | Purpose of Trust Contract : |
To stabilize the share price and to enhance the shareholders’ share value
| 2. | Contract Amount : KRW 1 trillion (KRW 1,000,000,000,000) |
| 3. | Contract Period : From April 13, 2020 to April 12, 2021 |
| 4. | Trust Companies : - Samsung Securities Co., Ltd. |
- KB Securities co., Ltd.
- NH INVESTMENT & SECURITIES CO., LTD.
| 5. | Contract Date : April 13, 2020 |
| 6. | Treasury Shares before Trust Contract : |
7,071,194 shares (Equivalent to 8.1% of the total number of issued shares)
| 7. | Resolution Date of the Board of Directors : April 10, 2020 |
| * | Exhibit 99.1: Power Point material for Share Repurchase Decision |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| POSCO | ||||
| (Registrant) | ||||
| Date: April 14, 2020 | By | /s/ Lim, Seung-Kyu | ||
| (Signature) | ||||
| Name: |
Lim, Seung-Kyu | |||
| Title: |
Executive Vice President | |||
POSCO is set for a share repurchase worth of 1 trillion KRW to enhance shareholder value Share repurchase will be carried out through trust agreement for one year period * Contract duration : ’20. 4. 13 ~’21. 4. 12 Share Repurchase ’94~’98 ’99~’00* ’03~’07 4,686 12,771 13,198 ○ Repurchased 30,655 thousand shares to stabilize the stock price (’94 ~ ’07) ○ Disposed 14,290 thousand shares to raise capital for ESOP and list the stock on the London and Tokyo Stock Exchange ○ Cancelled 9,294 thousand shares to raise shareholder value * Treasury stock as of April 10, 2020 : 7,071 thousand shares (8.1%) ※ History of POSCO share repurchase, cancellation and disposal (thousand shares) [ History of Share Repurchase ] ※ Purpose of share buyback - Stabilize the stock price and enhance shareholder value * During ’99~’00, POSCO acquired treasury shares from the government to privatize the company Exhibit 99.1