Report of Foreign Issuer (6-k)
September 29 2016 - 6:06AM
Edgar (US Regulatory)
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 September 2016
Commission File Number: 001-37821
LINE
Corporation
(Translation of registrants name into English)
Shibuya Hikarie, 27th Floor
21-1 Shibuya 2-chome
Shibuya-ku, Tokyo 150-8510, Japan
(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
X
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):
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):
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)
|
|
|
Date: September 29, 2016
|
|
By: /s/ In Joon Hwang
|
|
|
(Signature)
|
|
|
|
|
Name: In Joon Hwang
|
|
|
Title: Director and Chief Financial Officer
|
September 29, 2016
Company: LINE Corporation
Representative: Takeshi Idezawa CEO
Stock code: 3938 (First section of the Tokyo Stock Exchange)
Notice Regarding Investment in Snow Corporation
LINE Corporation (Headquarters: Shibuya-ku, Tokyo, Japan; President & CEO: Takeshi Idezawa; hereinafter the Company)
announces that it passed a resolution during its board meeting held on September 29, 2016 to acquire ordinary shares newly issued by Snow Corporation (Headquarters: Gyeonggi-do, Korea; Representative Director: Kim Chang Wook; hereinafter
Snow), developer and operator of the selfie app SNOW that is distributed primarily in Asia, through a third-party allotment (hereinafter this Investment).
1. Reasons for this Investment
Snow is the
developer and operator of the selfie pic and video app SNOW, featuring face recognition-enabled stickers and GIF-enabled chat functionality. With SNOW, users pick from over 700 stickers and 30 types of filters to liven up their photos and videos,
then send the finished product to their friends or post them within the SNOW app to give their friends a peek into what they are up to now. User numbers have been growing steadily since the app first launched in Korea, with service being expanded to
Japan and China in November 2015 and February 2016, respectively. In Japan, the number of users has been growing rapidly, and the app has been ranked as No.1 in both iOS App Stores free app Photo & Video category and Google
Plays Photography category.
By investing in the growing company Snow, the Company expects to contribute to the further expansion of
Snows service. For the Company, the acquisition of shares in a company servicing Korea and China is expected to help solidify both companies relationship with each other and help the Company expand its business in these regions in the
future as well as help improve value for the Companys shareholders by providing new value to the users of the Companys LINE service.
2.
Details of this Investment
The Company will acquire approximately 110,000 ordinary shares newly issued by Snow through a third-party
allotment. As a result, the Company will acquire a 25% voting interest in Snow, and Snow will become an equity method affiliate of the Company. Details of the contract to be entered into by the Company and Snow in connection with this Investment
will be further discussed by both parties.
3. Overview of investee company
|
|
|
|
|
|
|
(1) Company Name
|
|
Snow Corporation
|
|
|
(2) Location
|
|
14-1
Pangyoyeok-ro, 192 beon, Bundang-gu, Seongnam, Gyeonggi-do, South Korea
|
|
|
(3) Representative, Title
|
|
Kim Chang Wook, Representative Director
|
|
|
(4) Business
|
|
Development and
operation of a selfie app featuring face recognition-enabled stickers and GIF-enabled chat functionality
|
|
|
(5) Total Capitalization
|
|
1.7 billion won (Approx. 150 million yen
(1)
)
|
|
|
(6) Established
|
|
August 1,
2016
|
|
|
(7) Major Shareholders and Ownership
Percentage
|
|
NAVER Corporation, 100%
|
(8) Relationship between Snow and LINE
|
|
Capital
|
|
Not applicable.
|
|
Human Resources
|
|
Not applicable
|
|
Business
|
|
Not applicable
|
|
Circumstances relevant to the related parties
|
|
NAVER Corporation, currently the 100% shareholder of Snow, owns approximately 81% of the Companys
issued shares (as of August 31, 2016).
|
(1)
|
Yen conversion rate is based on the exchange rate in effect as of September 26, 2016.
|
4. Timeline for
this Investment
|
|
|
|
|
(1) Resolution by the board of directors
|
|
September 29, 2016
|
|
|
(2) Conclusion of Agreement
|
|
Early October 2016 (Tentative)
|
|
|
(3) Scheduled payment
|
|
Mid-October 2016 (Tentative)
|
5. Impact on Results
The impact of this Investment on the Companys consolidated results for the current term is not expected to be material.
6. Matters related to Business with Controlling Shareholders
This Investment is not considered a Significant Transaction, etc. with Controlling Shareholders as stipulated by the Tokyo Stock
Exchanges Code of Corporate Conduct. However, the Company, as set forth in the Corporate Governance Report disclosed on July 15, 2016, has put in place an advisory committee comprised solely of external directors that deliberates on
certain transactions involving related parties or conflicts of interest that are important to the Company, and final decisions on whether to proceed with such transactions are made by the Companys board of directors after the completion of
said deliberations by the advisory committee. The resolution by the board of directors approving this Investment has been concluded after sufficient deliberation by the advisory committee and the boards assessment of a share valuation report
from an independent third-party evaluation institution.
LINE (NYSE:LN)
Historical Stock Chart
From Mar 2024 to Apr 2024
LINE (NYSE:LN)
Historical Stock Chart
From Apr 2023 to Apr 2024