Start Up Co., Ltd signed a transaction agreement to acquire 38% stake in Woori Business Establishment Investment Co., Ltd. from GaeaSoft (KOSDAQ:A051160) for KRW 2.4 billion on November 3, 2014. Ki-Jung Kim is acquiring 9.52 million shares of Woori Business Establishment. As part of the consideration, contract deposit of KRW 240 million will be paid on November 3, 2014, first balance payment of KRW 1.2 billion will be paid on December 1, 2014, second balance payment of KRW 487.5 million will be paid on January 30, 2015 and the balance of KRW 485 million will be paid by June 30, 2015. The transaction was resolved by Board of GaeaSoft. As of December 1, 2014, KRW 500 million of second payment was paid. On December 12, 2014, it was announced that the second payment of KRW 1.21 billion will be payable on December 19, 2014 and KRW 712.5 million of second payment was paid on December 1, 2014 and December 9, 2014. As of December 31, 2014, it was announced that the second payment of KRW 1.21 billion which was payable on December 31, 2014, will now be paid on January 9, 2014. KRW 842.5 million of second payment was paid on December 1, December 9, and December 31, 2014. The transaction is expected to close on June 30, 2015.

As of January 12, 2015, the contract has been amended due to the delay in the payment schedule and contract amendment requests. Under the amended terms, 5.7 million shares will be sold for KRW 1.45 billion and GaeaSoft will continue to hold 13.34 million shares in Woori Business Establishment. The second payment of KRW 942.5 million was made on January 9, 2015. The balance payment of KRW 270 million will be made by January 30, 2015. Start Up Co., Ltd will be given the pre-emptive rights to acquire the entire shares in Woori Business Establishment Investment until February 27, 2015. The scheduled date for sales is now January 30, 2015 instead of June 30, 2015. As of January 21, 2015, it was announced that balance payment of KRW 270 million will be made by January 21, 2015 and scheduled date for sales is now January 21, 2015 instead of January 30, 2015.

Start Up Co., Ltd completed the acquisition of 22.77% stake in Woori Business Establishment Investment Co., Ltd. from GaeaSoft (KOSDAQ:A051160) on January 21, 2015.