Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of December 2013, with the report dated December 6, 2013. The filing discloses an amendment to a previously announced plan to spin off the Company's businesses related to holding shares and controlling the operations of Kwangju Bank and Kyongnam Bank.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document focuses exclusively on corporate restructuring timelines and governance changes rather than financial performance data.
Material Changes Versus Prior Period
The primary material change is the amendment of the Spin-off Plan originally disclosed on August 27, 2013. Key adjustments include:
- Shareholder Meeting: Rescheduled from December 26, 2013, to January 28, 2014.
- Creditor Objection Period: Extended from December 27, 2013–January 28, 2014, to January 29, 2014–February 28, 2014.
- Spin-off Date: Postponed from February 1, 2014, to March 1, 2014.
- Record Date for Share Allotment: Changed from February 1, 2014, to February 28, 2014.
- Leadership Change: The representative director and standing director of KJB Financial Group changed from Ki-Jin Song to Jang-Hak Kim.
Guidance, Outlook, and Risks
The filing outlines the revised timeline for the corporate spin-off, including the new dates for the extraordinary shareholder meeting, the registration of the spin-off, and the tentative dates for modified listing and relisting of the spin-off companies (March 17, 2014). No specific financial guidance, management commentary on future earnings, or discussion of new risks or contingencies is provided in this text.
Important Facts for Investors to Verify
- Confirm the new Spin-off date of March 1, 2014, and its impact on share ownership and trading.
- Verify the new record date for share allotment (February 28, 2014) to determine eligibility for the spin-off distribution.
- Review the full text of the amended Spin-off Plan in Exhibit 99.1 for detailed terms.
- Note the leadership transition at KJB Financial Group from Ki-Jin Song to Jang-Hak Kim.
- Monitor the trading suspension period, now scheduled from February 27, 2014, to one day prior to the modified listing date.