“MMR, the US MI trade magazine has reported that Samick Musical Instruments has finalised its acquisition of $27 million worth of Steinway shares at $16 per share. The money will be used to eliminate the company’s existing debt, as well as for general corporate purposes.
This move means Samick now owns around 1.9 million Steinway shares. This makes them the largest single holder of Steinway's 'B' stock, owning a portion of around 30 per cent. The company is still owned almost outright by Kyle Kirkland and Dana Messina, who together own some 90 per cent of the manufacturer's 'A' stock.”
It’s about 30% of the B stock. It’s non-voting but it does give Mr Kim a seat on the board.
ddf
Delwin D Fandrich
Piano Design & Fabrication
620 South Tower Avenue
Centralia, Washington 98531 USA
del at fandrichpiano.com
ddfandrich at gmail.com
Phone 360.736.7563
From: caut-bounces at ptg.org [mailto:caut-bounces at ptg.org] On Behalf Of Anne Acker
Sent: Sunday, February 20, 2011 2:44 PM
To: Ed Sutton; caut at ptg.org
Subject: [CAUT] Samick and Steinway
The most recent press release I have puts them at 18% in January 2010.
If anybody can find evidence that corroborates Ed's memory, I'd be very appreciative.
AA
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