RESOLVING THE LEDGER
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SK Hynix (NASDAQ:SKHY) plans to buy back about 24.07 million of its own shares over about three months (3.3% of the memory maker's issued shares) and then cancel every one of them. The board approved the program, worth 40 trillion won (about $29 billion), on Aug. 19, and the buying window opened the very next day. The company describes it as the largest treasury-share cancellation ever conducted by a South Korean listed company.
And this is not a buyback of the familiar American variety, where repurchased stock can sit in the treasury for years or quietly offset stock-based compensation. The shares come out of the count for good.
Investors liked it. SK Hynix's Seoul-listed shares surged 12% on Thursday, recovering most of a steep drop from the day before, and its Nasdaq-listed shares (each representing one-tenth of one Seoul-listed common share) rose about 4% to close near $163.
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