Notice of Submission of Share Certificate and Creditor Objection

 

We resolved to reduce the capital at the extraordinary general meeting of shareholders held on May 22, 2024.

 

Accordingly, in accordance with Article 439, Paragraph 2 and Article 232 of the Commercial Act, we hereby provide the public notice for submission of share certificates and creditor objections.

 

1. Details of Capital Reduction                                                                            

A. Reason of capital reduction: Increase capital efficiency and maximize shareholder value

B. Method of capital reduction: Voluntary paid retirement of shares

C. Total Amount of paid retirement of shares : KRW 41,892,411,640

• Ordinary share : KRW 40,000,000,000
• Redeemable convertible preference share : KRW 1,892,411,640

D. Amount of share capital reduction : KRW 8,733,900,000

E. Comparison between before and after share capital reduction

 

Type of share	Before share capital reduction	After share capital reduction
Number of Ordinary share	12,000,000 shares	10,320,000 shares
Number of Redeemable convertible preference share	66,780 shares	0 shares
Share Capital	KRW 76,695,000,000	KRW 67,961,100,000

 

2. Submission of share certificate

A. Period for submission : From May 24, 2024 to June 24, 2024

B. Place for submission : 9F, Dongyang B/D, 18, Gwangbok-ro 97 beon-gil, Jung-gu, Busan, Korea

             

3. Submission of creditor objection

A. Period for submission : From May 24, 2024 to June 24, 2024

B. Place for submission : 9F, Dongyang B/D, 18, Gwangbok-ro 97 beon-gil, Jung-gu, Busan, Korea

 

May 23, 2024

 DONG-A TANKER CORPORATION

CEO  YOUNG-CHEOL NOH