SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE13a-16 OR15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2020
Commission File Number:001-37821
LINE Corporation
(Translation of registrant’s name into English)
1-6 Shinjuku4-chome
Shinjuku-ku, Tokyo150-8510, Japan
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form40-F.
Form20-F X Form40-F
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):
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.
LINE Corporation | ||
(Registrant) | ||
April 28, 2020 | By: /s/ In Joon Hwang | |
(Signature) | ||
Name: In Joon Hwang | ||
Title: Director and Chief Financial Officer |
April 28, 2020
Press Release
Company Name: LINE Corporation | ||
Representative: Takeshi Idezawa, President and Representative Director | ||
Code Number: 3938, First Section, Tokyo Stock Exchange | ||
Inquiries: Corporate Development / Investor Relations | ||
TEL:03-4316-2050 |
Notice Regarding Acquisition of Shares of WORKS MOBILE Corporation Through Third-party
Allotment to Raise Capital
LINE Corporation (“LINE”) has resolved at its board of directors meeting held on April 28, 2020 to subscribe to new shares which WORKS MOBILE Corporation (“WORKS KR”), a consolidated subsidiary of NAVER Corporation (LINE’s parent company), will offer to raise capital in a third-party allotment.
1. | Reason to subscribe to WORKS KR’s third-party allotment of shares to raise capital |
WORKS KR is the Korean operator of LINE WORKS, a LINE chat for businesses. Operated under Works Mobile Japan Corp. (WORKS KR’s wholly-owned subsidiary) in Japan, the service has dominated paid corporate chat services for two consecutive years in Japan according to an annual study on new software business markets published in August 2019.*1
LINE’s latest decision to subscribe to WORKS KR’s new shares is to strengthen its relationship with WORKS KR and Works Mobile Japan Corp.
LINE is expected to own 10.6% of WORKS KR as a result of the allotment.
*1 | Based on the 2019 report on new software business markets published by Fuji Chimera Research Institute, Inc. |
2. | Details of WORKS KR |
(1) Company name | WORKS MOBILE Corporation | |
(2) Address | 10F, KRAFTON Tower, 117,Bundangnaegok-ro,Bundang-gu,Seongnam-si,Gyeonggi-do, 13529, Republic of Korea | |
(3) Title and name of representative | CEO, Han Kyu Heung | |
(4) Lines of business | Provision, establishment, and maintenance of computer system solutions | |
(5) Capital | 22,455,579,588 KRW | |
(6) Founded | April 1, 2015 | |
(7) Major shareholder and shareholding percentage | NAVER Corporation: 70% |
3. | Number of shares to be acquired, total payment amount, and number of shares owned before and after allotment |
(1) Number of shares owned before allotment | 0 shares (Voting rights: 0) (Voting interest: 0%) | |
(2) Number of shares to be acquired | 532,042 shares | |
(3) Total payment amount | KRW 65,000,103,182 | |
(4) Number of shares owned after allotment | 532,042 shares (Voting rights: 532,042) (Voting interest: 10.6%) |
4. | Schedule |
(1) Resolution date of general meeting of shareholders | April 28, 2020 | |
(2) Execution date of agreement | April 30, 2020 (tentative) | |
(3) Payment date | May 11, 2020 (tentative) |
5. | Impact on financial results |
The allotment does not make WORKS KR an equity method affiliate of LINE. Furthermore, WORKS KR’s impact on LINE’s consolidated earnings for the fiscal year ending December 2020 will be limited. However, WORKS KR will contribute to a mid to long-term performance increase for LINE’s businesses in Japan.