{"id":449948,"date":"2021-03-03T16:03:14","date_gmt":"2021-03-03T21:03:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449948"},"modified":"2021-03-03T16:03:14","modified_gmt":"2021-03-03T21:03:14","slug":"whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/","title":{"rendered":"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwmarginl1 { margin-left: 30px }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nWhitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off\n<\/p>\n<p class=\"bwalignc\"><b><i>Presentation Highlights View That LG\u2019s Proposed Spin-Off Perpetuates the Company\u2019s Unaddressed Valuation Gap, Emphasizes Poor Governance and Undermines Shareholder Trust<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Urges Shareholders to Visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ABetterLG.com&amp;esheet=52390182&amp;newsitemid=20210303005915&amp;lan=en-US&amp;anchor=www.ABetterLG.com&amp;index=1&amp;md5=837e176da9313dfe35201ff8a02de2b0\">www.ABetterLG.com<\/a> to Review our Analysis of the Spin-Off Ahead of the Critical Vote on March 26, 2021<\/i><\/b><\/p>\n<p>NEW YORK &amp; LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nWhitebox Advisors LLC (together with its affiliates, \u201cWhitebox\u201d or \u201cwe\u201d), a long-term shareholder of LG Corporation (KRX: 003550) (\u201cLG\u201d or the \u201cCompany\u201d), today released a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fabetterlg.com%2Fwp-content%2Fuploads%2F2021%2F03%2FLG-Corp-Whitebox-Presentation-03.03.21-FINAL.pdf&amp;esheet=52390182&amp;newsitemid=20210303005915&amp;lan=en-US&amp;anchor=presentation&amp;index=2&amp;md5=ebd631bbef1f0be355034f77b4b30f74\">presentation<\/a> detailing why Whitebox believes the planned spin-off of a newly created holding company comprised of LG\u2019s direct and indirect holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos (the \u201cSpin-Off\u201d) should be opposed.\n<\/p>\n<p>\nAs a reminder, Whitebox has announced that it intends to vote <span class=\"bwuline\">AGAINST<\/span> the Spin-Off at LG\u2019s General Meeting of Shareholders scheduled to be held on March 26, 2021. We invite LG shareholders to view our full presentation <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fabetterlg.com%2Fwp-content%2Fuploads%2F2021%2F03%2FLG-Corp-Whitebox-Presentation-03.03.21-FINAL.pdf&amp;esheet=52390182&amp;newsitemid=20210303005915&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=25f836ccffb0b85935763359d2b68d89\">here<\/a> and visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ABetterLG.com&amp;esheet=52390182&amp;newsitemid=20210303005915&amp;lan=en-US&amp;anchor=www.ABetterLG.com&amp;index=4&amp;md5=b7ac7a244eddffc51f251f42c8c8c4f5\">www.ABetterLG.com<\/a><b><i \/><\/b>to sign up for updates.\n<\/p>\n<p>\nOur presentation highlights the following issues that we believe shareholders should examine carefully:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Rationale for Opposing the Spin-Off<\/span><\/b><\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nIn our view, the Spin-Off does not achieve its stated objective of enhancing corporate value \u2013 instead, value is sacrificed. The Spin-Off does little to streamline LG, disproportionately sacrificing dividends, royalties and cash, while creating a new family-controlled holding company.\n<\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nThe Spin-Off perpetuates LG\u2019s most pressing issue, which is the unprecedented discount at which the Company trades relative to its assets. LG\u2019s discount to net asset value (\u201cNAV\u201d) widened to an all-time low of 70% after the announcement of the Spin-Off, reflecting investor exasperation.\n<\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nThe decision to proceed with the Spin-Off reflects poorly on LG\u2019s corporate governance. Despite the universe of potential alternatives and possible unaffiliated transactions, the Board unanimously approved a plan that we believe sacrifices shareholder returns to resolve a family succession issue.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Misalignment Between the Controlling Family and Minority Shareholders<\/span><\/b><\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nIn our view, the Spin-Off demonstrates a significant conflict of interest between the Board of Directors (the \u201cBoard\u201d) and shareholders.\n<\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nWe believe that the Spin-Off was conceived as a solution to a succession problem and that the proposed structure facilitates a change of control of the new holding company (\u201cNewCo\u201d) rather than maximizing corporate value.\n<\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nWe believe a share swap will occur post Spin-Off to allow Koo Bon-joon, the Chairman of NewCo, to substantially increase his shareholding in NewCo.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Deficient Corporate Governance Practices in LG\u2019s Boardroom<\/span><\/b><\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nWe believe the Spin-Off, which received unanimous approval from the Board, highlights deficiencies in LG\u2019s corporate governance standards. If LG followed best practices, we do not believe the Spin-Off would have been approved.\n<\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl1\">\n<li>\nLG ranks as a corporate governance laggard when compared to global best practices and even some domestic competitors at a time when environmental, social and governance considerations are at the forefront of investors\u2019 minds.\n<\/li>\n<\/ul>\n<p>\nWhitebox wants to help build a better LG for all shareholders and stakeholders. We firmly believe the Company can reduce the valuation gap and restore investor trust through improved governance to ultimately become a stronger conglomerate. The first step in doing so \u2013 in our view \u2013 is for LG to abandon the ill-conceived Spin-Off.\n<\/p>\n<p><b><span class=\"bwuline\">About Whitebox<\/span><\/b><\/p>\n<p>\nWhitebox is a multi-strategy alternative asset manager that seeks to generate optimal risk-adjusted returns for a diversified base of public institutions, private entities and qualified individuals. Founded in 1999, Whitebox invests across asset classes, geographies, and markets through the funds, vehicles and institutional accounts we advise. The firm manages approximately $5.5 billion in assets and maintains offices in Minneapolis, Austin, New York, London and Sydney.\n<\/p>\n<p><b><span class=\"bwuline\">Disclaimer<\/span><\/b><\/p>\n<p>\nThis communication should not be construed as asking or soliciting shareholders of the Company to authorize Whitebox or any third party to exercise their voting rights on their behalf with respect to the proposals to be presented to shareholders of the Company at the 2021 General Meeting of Shareholders (the \u201cMeeting\u201d). Whitebox is by no means soliciting or requesting other shareholders to grant or deliver their proxies to Whitebox for the Meeting.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210303005915r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210303005915\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210303005915\/en\/<\/a><\/span><\/p>\n<p>\nFor Investors:<br \/>\n<\/p>\n<p>\nGeorgeson<br \/>\n<br \/>Cas Sydorowitz \/ Nicholas Laugier, +44 (0) 207 019 7002<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:cas.sydorowitz@georgeson.com\">cas.sydorowitz@georgeson.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:nicholas.laugier1@georgeson.com\">nicholas.laugier1@georgeson.com<br \/>\n<\/a><\/p>\n<p>\nFor Media:<br \/>\n<\/p>\n<p>\nProfile<br \/>\n<br \/>Charlotte Kiaie \/ Bela Kirpalani, 347-343-2999<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ckiaie@profileadvisors.com\">ckiaie@profileadvisors.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:bkirpalani@profileadvisors.com\">bkirpalani@profileadvisors.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Europe United States United Kingdom North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Other Professional Services Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off Presentation Highlights View That LG\u2019s Proposed Spin-Off Perpetuates the Company\u2019s Unaddressed Valuation Gap, Emphasizes Poor Governance and Undermines Shareholder Trust Urges Shareholders to Visit www.ABetterLG.com to Review our Analysis of the Spin-Off Ahead of the Critical Vote on March 26, 2021 NEW YORK &amp; LONDON&#8211;(BUSINESS WIRE)&#8211; Whitebox Advisors LLC (together with its affiliates, \u201cWhitebox\u201d or \u201cwe\u201d), a long-term shareholder of LG Corporation (KRX: 003550) (\u201cLG\u201d or the \u201cCompany\u201d), today released a presentation detailing why Whitebox believes the planned spin-off of a newly created holding company comprised of LG\u2019s direct and indirect holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos (the \u201cSpin-Off\u201d) should be opposed. As &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-449948","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off Presentation Highlights View That LG\u2019s Proposed Spin-Off Perpetuates the Company\u2019s Unaddressed Valuation Gap, Emphasizes Poor Governance and Undermines Shareholder Trust Urges Shareholders to Visit www.ABetterLG.com to Review our Analysis of the Spin-Off Ahead of the Critical Vote on March 26, 2021 NEW YORK &amp; LONDON&#8211;(BUSINESS WIRE)&#8211; Whitebox Advisors LLC (together with its affiliates, \u201cWhitebox\u201d or \u201cwe\u201d), a long-term shareholder of LG Corporation (KRX: 003550) (\u201cLG\u201d or the \u201cCompany\u201d), today released a presentation detailing why Whitebox believes the planned spin-off of a newly created holding company comprised of LG\u2019s direct and indirect holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos (the \u201cSpin-Off\u201d) should be opposed. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/","og_locale":"en_US","og_type":"article","og_title":"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off - Market Newsdesk","og_description":"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off Presentation Highlights View That LG\u2019s Proposed Spin-Off Perpetuates the Company\u2019s Unaddressed Valuation Gap, Emphasizes Poor Governance and Undermines Shareholder Trust Urges Shareholders to Visit www.ABetterLG.com to Review our Analysis of the Spin-Off Ahead of the Critical Vote on March 26, 2021 NEW YORK &amp; LONDON&#8211;(BUSINESS WIRE)&#8211; Whitebox Advisors LLC (together with its affiliates, \u201cWhitebox\u201d or \u201cwe\u201d), a long-term shareholder of LG Corporation (KRX: 003550) (\u201cLG\u201d or the \u201cCompany\u201d), today released a presentation detailing why Whitebox believes the planned spin-off of a newly created holding company comprised of LG\u2019s direct and indirect holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos (the \u201cSpin-Off\u201d) should be opposed. As &hellip; Continue reading \"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-03T21:03:14+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210303005915r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off","datePublished":"2021-03-03T21:03:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/"},"wordCount":743,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210303005915r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/whitebox-advisors-releases-presentation-detailing-rationale-for-opposing-lg-corporations-spin-off\/","name":"Whitebox Advisors Releases Presentation Detailing Rationale for Opposing LG Corporation\u2019s Spin-Off - 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