This is not fair play,'' he adds. That may be tough. In any case, it won't happen until an extraordinary shareholders' meeting scheduled for Aug. 24, which may be too late. SK Telecom officials say the offering is entirely justified. Korea Telecom, which also objects to the offering, could be in an even bigger fix.
Timing is of the essence.
The rights issue, of one new share for slightly more than every four shares held, is open to shareholders of record on June 30. But given the timing, the number of foreigners who can benefit from that will be kept to the minimum. Unfortunately, it's customary for those shares to go to chaebol affiliates,'' says Nam. The best news the dissidents have had came on June 29. The Seoul District Court scheduled a hearing on Tiger's injunction for July 2 and promised a ruling by the month's end.