Stock Appraisal Rights Deadline and Cash Calculator

What does this stock appraisal rights calculator do?

A shareholder opposing a corporate action such as a merger or business transfer may have a right to demand that the company purchase their shares, subject to the applicable requirements and procedure.
Preparing a demand involves more than multiplying a disclosed price by a share count: the objection and purchase-demand cutoffs, eligible shares, price status and payment schedule all matter.
This calculator organizes company and broker information that you enter into a deadlines and cash worksheet.

A shareholder preparing retirement spending, medical bills or family support needs to know when usable cash will arrive as well as its amount.
An offered price above the market-sale scenario does not establish which route produces more cash after later tax, or whether it meets a spending date.
The worksheet compares demanding purchase and selling the same number of shares in the market; the value of remaining shares is excluded from cash totals.

The objection and purchase demand are separate steps

A special procedure can use a notice or announcement rather than a meeting resolution as its triggering event.
Do not apply the ordinary meeting calculation indiscriminately to simplified procedures, small corporate actions, different company forms or special legislation.
Use manual disclosure mode after checking the applicable procedure; it compares entered dates while withholding automatic statutory references.

For dissenting shareholders in a general-company merger, check Commercial Act Article 522-3 together with the incorporation provisions in Article 530.
Article 530 paragraph 2 incorporates Article 374-2 paragraphs 2 through 5 on purchase and pricing, so distinguish merger provisions from the business-transfer provision.

Verify acquisition evidence and eligible shares

For a listed company, the statutory rules address evidence of acquisition before disclosure of the board resolution and qualifying exceptions for later acquisitions.
Capital Markets Enforcement Decree Article 176-7 includes relevant acquisition acts through the business day after the disclosure, such as entering a share purchase contract or terminating a share-loan contract.
A post-disclosure date therefore does not automatically make every share ineligible, and merely holding shares does not establish that every share qualifies.

• Check the disclosure date, record date and acquisition date separately against the original disclosure and transaction evidence.
• Contract and settlement dates, lending, collateral and disposal followed by reacquisition cannot be resolved from one date field.
• Enter a broker-verified quantity within your current holding and record the institution review separately.
• If the review is incomplete, treat the quantity as an assumption and retain the unconfirmed-rights status.

The calculator does not inspect evidence or determine the next business day automatically.
Disclosure and trading on the same calendar day may also require time-of-day evidence.
When helping a family member prepare, separately verify the account holder authority and any required delegation procedure.

Inputs and confirmation states

Separate statutory periods from submission cutoffs

For the ordinary procedure, the nominal demand-end reference is the meeting resolution date plus 20 calendar days.
Civil Act Articles 157 and 160 govern exclusion of the triggering day and calendar periods; Article 161 requires separate consideration for expiry on a Saturday or public holiday.
Automatic dates here are unadjusted holiday references and must be compared with the latest disclosed demand period.

Months are calendar periods, not fixed additions of 30 or 60 days.
The calculation starts on the day after the company period ends, then uses the day before the corresponding date in the target month, or its final day if no corresponding date exists.
For example, a period ending 2026-01-31 gives a nominal one-month expiry of 2026-02-28; ending 2026-02-28 gives 2026-03-31.
The calculation handles month boundaries but does not finalize holiday extensions or the applicable legal procedure.

The earlier entered company or broker cutoff is the submission target.
A status of today does not mean the broker cutoff time has not already passed, and the day before the meeting is not automatically used as an objection cutoff.
A statutory purchase-duty reference is also not a guaranteed account deposit date.

Cash formulas and unknown tax

No tax rate is applied automatically.
Enter amounts verified for the transaction classification, purchaser, shareholder status and tax treatment; avoid deducting a withheld amount again as later tax.
If costs and tax exceed gross proceeds, the negative cash figure is retained rather than clamped to zero.

When later tax for either alternative is unconfirmed, that alternative net and the bilateral net difference are withheld.
An old amount remaining in an unconfirmed tax field is not used.
Use confirmed zero only when your review establishes no later tax.
A quantity of zero assumes no disposal and yields zero cash, transaction deductions and tax, while leaving unresolved rights issues visible.

Worked example: a larger deposit can mean lower net cash

This synthetic example compares 1,000 of 1,200 held shares at appraisal price KRW 18,000 and market scenario price KRW 17,500.
Appraisal settlement deductions are KRW 65,000 and market deductions KRW 37,625; later taxes are assumed confirmed at KRW 600,000 and KRW 0 respectively.
These are example inputs, not a real security disclosure or assessed tax rate.

The appraisal deposit is KRW 472,625 larger, but the after-tax difference is −KRW 127,375.
Looking only at the price per share can miss this reversal.
Both alternatives leave 200 shares whose value is excluded from the cash comparison.
Removing confirmation of either later tax changes the net difference to unconfirmed and withheld.

Equal-cash price and sensitivity interpretation

Holding costs and tax fixed, the appraisal price producing the same net cash is market net plus appraisal settlement deductions plus appraisal later tax, divided by demand shares.
The example gives KRW 18,127.375 per share.
It is not a legally fair value, requested court price or actual agreed price, and must be reconsidered where a price change also changes tax.

Listed-company pricing when negotiation fails involves the decree trading-price method, and a party disagreeing with the price may seek a court determination under the applicable law.
This calculator does not gather trading-volume histories or value company assets.
Keep the disclosed calculation, agreement or decision as separate price evidence.

Compare cash timing and the lock-up scenario

Demand-to-payment days are the calendar-day difference between your entered demand date and expected payment date, with reference-to-payment days reported separately.
In the example, demand on 2026-11-02 and payment on 2026-12-04 give 32 days; the gap from market payment on 2026-10-16 is 49 days.
From reference date 2026-10-14, appraisal payment is 51 days away.
Verify separately when actual broker transfer restrictions begin and end.

Missing payment dates withhold relevant timing results rather than replacing them with a statutory purchase-duty date.
Negative remaining days indicate an entered date in the past, requiring verification of actual receipt.
For delayed payment, review amended disclosures, price disputes and company performance instead of assuming payment completed.

Practical spending and family-preparation scenarios

The worksheet helps check cash and is not a recommendation to support or oppose a merger.
Review trading suspension, market-sale availability, collateral, lending and possible execution separately.
Confirm individual legal and tax circumstances with the company, broker or relevant professional.

Step-by-step use and saving

1. Check company type and procedure in the latest disclosure, then enter resolution and reference dates.
   
2. Enter separate company and broker objection and demand cutoffs, demand dates and receipt status.
   
3. Enter confirmed or assumed demand shares within holdings, appraisal price status and market scenario price.
   
4. Separate settlement deductions and later tax; leave unverified tax confirmation unselected.
   
5. Enter the disclosed payment date and market payment date, then review targets, statutory references and withheld amounts.
   
6. Save the worksheet as TXT or print it, alongside acquisition evidence, receipts and price evidence, for the broker review.
   

Editing any input hides the previous result; calculate again before saving an updated worksheet.
Synthetic-example confirmation selections are illustrative assumptions.
After an amended disclosure or account change, recheck dates and sources instead of relying on confirmation markers in an old report.

A demand date before the resolution produces a receipt-review warning.
Distinguish a broker advance instruction or objection from actual receipt of the statutory demand, and verify cutoff-day submissions using time and completion evidence.

Frequently asked questions