The Regressed Vault Keeper Took It All

Chapter 24: You Don’t Seem to Be in a Hurry

The first person to reach for his glass was the quick-witted Cheon Sang-do.

“Sure, I’m tempted…… but I need to hear the rest first.”

As he raised his glass with a determined look, the youngest, Ma Jin-woo, hurriedly grabbed his own.

Soon after, Yang Bong-gi, who had been carefully pondering until the very last moment, also lifted his glass.

I too raised the glass before me and spoke.

“The moment we empty this glass, our deal begins.”

Without hesitation, I brought the glass to my lips.

The sharp yet sweet scent of cinnamon and ginger rushed up to my nose. In one gulp, I swallowed the strong liquor down my throat.

I felt the heat spreading inside as it slid down.

“Keuh, the taste is good.”

I deliberately placed the empty glass down with a loud sound.

The three men, after exchanging glances, hesitated for a moment but then downed their glasses in one shot and set them down as well.

Watching them, I smiled softly.

“Now, shall we move on to the main topic?”

The preliminary probing and contest of nerves were enough for now. It was time to begin the real negotiation.

“My name is Baek Min-woo.”

I introduced myself first, then immediately brought out the purpose.

“The reason I’ve invited you gentlemen here today is simple: I intend to sell the physical certificates of Daegung stock that I own.”

As expected, the hot-tempered Ma Jin-woo fired back.

“So how much stock are we talkin’ about here?”

“The total is 16,565,217 shares.”

At the number that came out of my mouth, all three men’s eyes widened at once.

Even the composed Yang Bong-gi couldn’t hide his astonishment.

He stammered slightly as he asked.

“O-over sixteen million shares, you say?”

“Yes. With that much in hand, isn’t it only natural that I dared to invite you directly here to negotiate?”

Once again, their eyes tangled with one another’s, wariness and calculation flickering in between.

In the current market, physical certificates exceeding sixteen million shares were an overwhelming amount.

“You all must already know that Daegung stock will soon undergo a paid-in capital increase. And the certificates I possess are the real physical shares that allow participation in that increase.”

At the words “physical certificates,” the greed in their eyes writhed even more blatantly.

“I could put them on the market and they’d sell quickly enough……”

I deliberately let my words trail off, and the three stared at my lips with anxious expressions.

“I’ve heard quite good things about you gentlemen, and by fortune we’ve crossed paths like this, so I’ve arranged this meeting.”

“So then, how much are you asking for?”

“Well, that’s something we’ll have to work out together from here, isn’t it?”

At Cheon Sang-do’s question, I replied with an easy smile.

“You’re well aware the market price has already passed 25 hwan. Once the capital increase is announced, who knows how high the price will climb?”

The three exchanged glances.

From just their eyes, it was obvious they intended to haggle the price down somehow.

Their predictable scheming only amused me.

“Ah, of course I don’t intend to divide this evenly among you.”

I raised one corner of my lips.

Their expressions instantly stiffened.

As if I’d ever let myself be dragged around by some small fry daring to think of colluding.

If that had been the case, I wouldn’t even have started.

“I’ll give priority to whoever offers the best terms. If one of you wishes to take all the stock, that’s perfectly fine.”

“That won’t do! You brought us here just to pit us against each other, is that it?”

“Then President Ma, would you prefer to avoid competition? What about you, Presidents Yang and Cheon?”

I turned my gaze from Ma Jin-woo to Yang Bong-gi and Cheon Sang-do.

But neither man could answer easily.

“You don’t seem to be in a hurry.”

I spoke with feigned disappointment.

“Without physical certificates, participation in the capital increase is impossible. From what I hear, President Yang’s Gyeongin Securities at least managed to secure a sizable amount of Daegung stock, but the other two firms’ holdings are said to be negligible.”

Cheon Sang-do and Ma Jin-woo looked startled. They hadn’t expected me to have such clear insight into their internal affairs.

But I had already investigated the details of all three securities firms thoroughly.

Gyeongin Securities had moved quickly and secured over two million shares, but Mando Securities and Daeryuk Securities hadn’t even managed a million.

Thus, they were clinging to risky normal trading, hoping for short-term gains. Yet to take part in the real game—the capital increase—they needed physical certificates without fail.

“My estimate is that in this capital increase, each physical certificate will be allotted around three to four new shares. And of course, the issue price will be much lower than the current 25 hwan.”

There was no way these men were ignorant of information from the Exchange.

In fact, they might even know more detail than I did.

So I dropped a hint of what they likely already knew, applying pressure.

‘Around 20 hwan perhaps?’

I casually refilled my glass with Gamhong-ro and said,

“Well, since none of you seem that interested, I suppose I should head to the market and put these up for sale.”

“Come now. Why’s everyone in such a rush these days? In the old days, we’d take three days and nights to think before moving.”

Yang Bong-gi scolded me, forgetting even to use standard speech in his urgency.

But his calm demeanor only revealed his intent to stall for time. I simply smiled and nodded.

“Of course, by three days later, who knows how much higher this stock might have risen.”

“Now wait! We’re not sayin’ three whole days. But at least give us a day or two to think, won’t you?”

“That sounds to me like asking for time to collude.”

I cut him off firmly, not letting them try any tricks. Yang Bong-gi furrowed his brows slightly.

“You seem to be badly mistaken. I’m the one who chose you gentlemen as my partners in this deal. Not the other way around. I could sell this stock to anyone else if I wished.”

At my cold words, the air in the room froze over.

The traces of leisure and probing in their faces vanished in an instant.

Especially Ma Jin-woo, who had been looking down on me—his face flushed red.

The first to recover was Yang Bong-gi, the most experienced and oldest of the three. He cleared his throat to break the heavy mood.

“Heh heh, young man. It’s good to see such spirit. Very well. We can’t waste time either, so why don’t you name your price first?”

Yang Bong-gi spoke with extreme caution.

Perhaps, of the three, he was the most troublesome opponent.

After all, prudent men are the hardest to shake.

“Let’s hear the figure you have in mind first. You must have one prepared.”

“Indeed. With the market at 25 hwan, we were thinking around 30. What do you say, young man?”

Cheon Sang-do cautiously suggested a number, still testing the waters with careful glances.

“30 hwan? President Cheon, that’s far too stingy! I was ready to go as high as 32!”

At that, Ma Jin-woo countered him with a slightly higher offer, but still far below my expectations.

“30? 32? Gentlemen, are you toying with me?”

I scoffed openly at their proposals.

“Do you really see what I hold as nothing more than scraps of stock? These certificates are practically golden eggs. Once the capital increase is announced, do you truly not grasp what value each of these will hold?”

A cold remark left my lips, and I heard the sound of someone gulping down saliva.

I paused for a moment, then looked into the eyes of the three men one by one.

“Let me say this once again. I have no intention of selling this to just anyone. Only to someone who truly recognizes its value and is prepared to pay the price it deserves will I grant the opportunity.”

From the beginning, I hadn’t planned to conclude the deal right here and now. My intention was to exploit their impatience as much as possible.

“The starting price is 40 hwan per share. I will not sell even a single share below that.”

At my declaration, Ma Jin-woo exploded again.

“40 hwan?! Young man, you’ve gone too far, haven’t you!”

“Heh heh, well now……. 40 hwan, you say. We need to make a profit too if we’re to do business……”

Cheon Sang-do groaned as if troubled.

But Yang Bong-gi remained silent, lost deep in thought. With a complicated expression, he tapped his palm as though calculating something.

The smile was gone from my face.

“If you don’t like my terms, you’re free to leave right now. There are plenty lined up who want this. Shall I call President Park Jeong-ho instead?”

At my final words, the faces of all three men turned pale.

I had said it because I knew the reason they came here in the first place was not to fall behind Park Jeong-ho.

“Just two days…… give us two days, won’t you?”

Breaking the silence, Yang Bong-gi finally spoke with difficulty.

Regaining his composure, he once again put on a cultured tone.

Yet his voice carried an unmistakable weight of distress.

I nodded as if I had been waiting for his suggestion.

“Fine. I’ll give you two days. Chances are, once the market opens tomorrow, the capital increase announcement will be made. The record date is likely the last trading day of April. So there really isn’t much time.”

“……”

“Before things become difficult for everyone, it would be best to make your decision. I too must prepare to reach out to others.”

By hinting at the timing of the capital increase, I stoked their impatience even further.

After a heavy sigh, Yang Bong-gi made the final decision.

“Very well. Then let’s meet again in two days.”

“President Yang!”

Ma Jin-woo shouted in discontent, but Yang Bong-gi ignored him. Having regained his composure, he now spoke in standard speech again.

“If you don’t like it, President Ma, then step aside. What about you, President Cheon?”

“Two days……. Fine. I agree.”

“Alright, I’ll agree too.”

In the end, Ma Jin-woo reluctantly followed.

I rose from my seat with a satisfied smile.

“Then two days from now, same time, here at Hansanru. I’ve already made the reservation. Please, enjoy the rest of the drink at your leisure. Tonight’s bill will be on me.”

At the mention of a reservation already being made, the three presidents rose too, their faces filled with complex emotions.

The burden of raising an enormous sum, the humiliation of having been led entirely by this upstart, and yet the greed that would not allow them to let go of the golden egg—all of it swirled together.

“Then I’ll see you in two days, gentlemen.”

I gave a slight bow and left the annex without a hint of regret.

The ball was now in their court.

I was already eager to see what answer they would bring two days later.

The day after the secret meeting at Hansanru.

Before the market opened, an announcement spread within and outside the Korea Securities Exchange: the resolution to implement a paid-in capital increase.

[Announcement of Paid-in Capital Increase by the Korea Securities Exchange.]

To nurture the capital market as the backbone of national economic growth and to strengthen market functions in response to surging transaction volumes, the Korea Securities Exchange hereby announces, by resolution of the Board of Directors, the implementation of a paid-in capital increase in the amount of 4 billion hwan, as follows.

Stock subject to increase: common stock of the Korea Securities Exchange.

Purpose of increase: strengthening market stability through capital expansion of the Exchange and securing liquidity.

Method of increase: priority allotment to existing shareholders, with remaining shares offered to the public.

Record date for new share allotment: April 30, 1962 (Monday).

(Only shareholders listed in the register as of the above date will be granted preemptive rights.)

Ratio of preemptive allotment: 3.5 new shares for each share of common stock.

Issue price of new shares: 14 hwan per share.

(Excerpt omitted)

This paid-in capital increase, with strong government support, will serve as a stepping stone for a new leap forward in the capital market of the Republic of Korea.

Although a high premium of 28 times face value has been set, this is an unavoidable decision reflecting both the current heated market and the growth potential of the Exchange.

We ask for the deep understanding and active participation of all shareholders and investors.

A swarm of people gathered around the bulletin board.

A man dressed like a farmer freshly come from the countryside asked the person next to him urgently.

“What? Paid-in capital increase? What on earth does that mean?”

A gentleman in a suit straightened his tie and spoke arrogantly.

“tsk tsk, coming here to trade without even knowing this? Paid-in capital increase! It means the Exchange is issuing more shares! And they’re selling them to existing shareholders first!”

“Wait, then if the number of shares goes up, doesn’t the price go down?”

“tsk, you really don’t understand! Look here!”

Clicking his tongue, the gentleman pointed to a section of the announcement.

“Issue price: 14 hwan per share! And what’s the market price now? Over 25! That means you get it for 14! And for each share you already own, you get 3.5 more!”

“What? 14 hwan? When it’s worth 25 now?!”

“Good heavens! That’s practically free!”

“Just buying means making money while sitting still!”

I stood across the street, in the alley, quietly observing people’s reactions.

‘People who don’t even understand what a capital increase actually means…….’

No one cared that a premium of 28 times face value was being slapped on, or what impact an enormous increase of 4 billion hwan might have on the market.

“But wait……. Doesn’t it mean only existing shareholders can get them? Folks like me can’t buy, right?”

Someone muttered in regret, but another man beside him suddenly widened his eyes and pointed at the notice.

“Read properly! The record date is April 30! As long as you’re holding physical certificates by then, you’re fine. Which means you just need to buy Daegung stock certificates now!”

That line was like a spark dropped onto dry grassland.

“What? You mean if I buy now it counts?”

“Then I’d better hurry and buy! There’s no time!”

“I’ve got to call my wife right away and send every last penny from the land sale!”

In front of the noticeboard, chaos broke out instantly.

Those desperate to read the announcement and those rushing off to the trading hall to buy shares as fast as possible collided in disorder.

“Out of the way! Let me see too!”

“Don’t push, you’ll crush someone!”

It was mayhem beyond words.

Truly like a battlefield.

Turning coldly away, I spoke quietly to Ma Dong-jin standing beside me.

“Let’s go back to the office. There’s nothing more to see here.”

Just as I had predicted.

No, even better than I had imagined, everything was flowing perfectly.

A faint, cold smile appeared at the corner of my lips.