The proportion of shares related to Koo Sung-mo, the eldest son of LF Chairman Koo Bon-gul, is increasing. Some analysts say that the move is a mix of management defense measures in line with the expansion of stakes in activist funds at the same time as the succession-related work. 

 

According to the industry on the 15th, Korea D&L bought an additional 74,766 LF shares six times from the 7th to the 14th. As a result, the LF stake held by Korea D&L increased to 9.04%. Adding to Koo's 1.18% stake, his direct and indirect LF stake amounts to 10.22%. It has increased to half of Chairman Koo Bon-gul's 19.11% stake. Korea D&L is the largest shareholder of Koo and is considered a key affiliate for the LF succession process. 

 

A series of equity purchases are also often interpreted in conjunction with succession. Korea D&L is believed to have been aggressively buying LF shares since it was established on July 1 last year as a human division of LF Networks. The majority opinion in the market is to evaluate it as expanding control in the LF for the succession of Koo, who was born in 1993, and some view it as a move to prepare for disputes that may arise in the future. This is because the greater the dominance of Korea D&L, the stronger the influence of allies who can firmly unite in defending management rights. 

 

Currently, one of LF's major shareholders is Trusston Asset Management, famous for its activist fund. The company is also increasing its holdings of LF shares. Trusston Asset Management rose to a shareholder position of more than 5% of LF in December last year. In March, the company announced that its holdings of LF increased to 6.11%.

 

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