Lee and Ko advised Pulmuone Co., Ltd, a public company, in the investment agreement with IBK Investment & Securities Co., Ltd, issuing a total of 403,458 RCPS (worth KRW 70 billion) to a third party. As this transaction involves issuance of RCPS of a listed company, a structure was needed to be established where the acquirer receives the redemption right but not treated as a liability under K-IFRS in the financial statements of the issuer. Additional challenge was to develop a structure that would allow, third party allocation available where such third party was not established at the time that the resolution of the board of directors for issuing RCPS was adopted. Lee & Ko provided advice on the structure of the transaction and processes needed for the transaction, for which the firm gained positive acknowledgement from the market for its efficient and successful outcome.