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#2037239 - 02/21/13 09:58 PM Piano News
Plowboy Offline

2000 Post Club Member

Registered: 06/26/08
Posts: 2797
Loc: SoCal
Maybe someone here with more smarts than this relocated Hoosier hillbilly can properly interpret this latest SEC filing from Steinway:

This is part of it:

Item 4 of the Schedule 13D is hereby amended by adding the following:

On February 20, 2013, Samick and the Issuer entered into Amendment No. 1 (the “Amendment”) to the Subscription Agreement dated as of November 5, 2009, which amends the standstill provision thereof to provide that (i) the limitations set forth therein will generally apply unless any transaction receives the prior approval of the Issuer’s Board of Directors, and (ii) Samick and its affiliates may acquire shares of the Issuer’s Ordinary Common Stock without the Issuer’s prior written consent so long as the aggregate percentage of outstanding shares of Ordinary Common Stock held by Samick and its affiliates as a result of any such acquisition does not exceed 35%.

The Issuer is Steinway Musical Instruments. Samick as Kim Jong Sup control some 33% of the company now and he serves on the board of directors. He has a lot of votes. So it seems that Kim is in good position to buy even more of Steinway. I think that's what that means?

If so, the implications are thought provoking. Steinway closed up 2% today.
Essex EUP-111 at the mountains
W. Hoffmann T-122 at the beach

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#2037256 - 02/21/13 11:01 PM Re: Piano News [Re: Plowboy]
4evrBeginR Offline
1000 Post Club Member

Registered: 06/27/09
Posts: 1607
Loc: California
Before you know it, it's at 50%, maybe not this year, with the goal being 100% of course. It might take a few years, but Korea is the next Japan, right?
Art is never finished, only abandoned. - da Vinci

#2037434 - 02/22/13 10:40 AM Re: Piano News [Re: Plowboy]
Plowboy Offline

2000 Post Club Member

Registered: 06/26/08
Posts: 2797
Loc: SoCal
Reading the announcement again, it sure seems to clear the way for Samick to buy more stock. In past filings, Steinway indicated that Boston is not doing so well financially, and that Japan may be to expensive a place to build pianos.

Samick has know-how and money. Maybe this could be a good thing?
Essex EUP-111 at the mountains
W. Hoffmann T-122 at the beach


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