UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Gravity Co., Ltd.
(Name of Issuer)
Common Stock, Par Value Won 500 Per Share
(Title of Class of Securities)
38911N107
(CUSIP Number)
Marran Ogilvie
666 Third Avenue
26th Floor
New York, New York 10017
(212) 845-7909
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 2, 2006
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
(Page 1 of 30 Pages)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 38911N107 13D Page 2 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Starboard Value and Opportunity Master Fund Ltd.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
41,429.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
41,429.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
41,429.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.60%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 3 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Parche, LLC 20-0870632
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
62,369
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
62,369
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
62,369
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.90%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 4 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
RCG Ambrose Master Fund, Ltd.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
38,276.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
38,276.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
38,276.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.55%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 5 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
RCG Halifax Fund, Ltd.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
38,713.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
38,713.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
38,713.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.56%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 6 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Master Fund, Ltd.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
133,922
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
133,922
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
133,922
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.93%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 7 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Fund III, Ltd
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
5,356.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
5,356.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,356.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.08%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 8 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Admiral Advisors, LLC 37-1484525
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
103,798.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
103,798.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
103,798.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.49%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 9 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Advisors, LLC 13-3954331
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
139,278.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
139,278.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
139,278.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.00%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 10 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Safe Harbor Master Fund, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
139,173.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
139,173.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
139,173.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.00%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 11 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Safe Harbor Investment Ltd.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
139,173.5
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
139,173.5
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
139,173.5
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.00%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 12 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Capital Group, L.L.C. 13-3937658
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
459,240.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
459,240.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
459,240.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.61%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 13 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
C4S & Co., L.L.C. 13-3946794
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
459,240.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
459,240.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
459,240.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.61%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 14 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Peter A. Cohen
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
459,240.25
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
459,240.25
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
459,240.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.61%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 15 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Morgan B. Stark
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
459,240.25
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
459,240.25
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
459,240.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.61%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 16 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Thomas W. Strauss
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
459,240.25
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
459,240.25
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
459,240.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.61%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 17 of 30 Pages
-----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Jeffrey M. Solomon
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
459,240.25
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
459,240.25
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
459,240.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.61%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 18 of 30 Pages
This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D
dated March 28, 2006 (the "Original Statement"). Any capitalized terms used in
this Amendment No. 1 and not otherwise defined herein shall have the meanings
ascribed to such terms in the Original Statement.
Item 2 Identity and Background
Item 2 is hereby amended and supplemented by the addition of the following:
Item 2(a)
(xi) Ramius Fund III, Ltd, a Cayman Islands exempted Company ("Ramius Fund
III"), with respect to the shares of Common Stock directly and beneficially
owned by it;
Item 2(b): The address of the principal business and principal office of Ramius
Fund III is c/o Citco Fund Services (Cayman Islands), Limited, Corporate Center,
West Bay Road, Grand Cayman, Cayman Islands, British West Indies. The principal
business address each of the officers and directors of Ramius Fund III is set
forth on Schedule G and incorporated herein by reference.
Item 2(c) The principal business of Ramius Fund III is serving as a private
investment fund. The principal occupations of the officers and directors of
Ramius Fund III is set forth on Schedule G and incorporated herein by reference.
Item 2(f) Ramius Fund III is organized under the laws of the Cayman Islands.
Item 3. Source and Amount of Funds and Other Consideration.
The shares of Common Stock purchased by Ramius Fund III were purchased with its
working capital (which may, at any given time, include margin loans made by
brokerage firms in the ordinary course of business) in open market purchases
(except as otherwise indicated on Schedule F-1) as set forth in Schedule F-1,
which is incorporated herein by reference.
Item 4. Purpose of the Transaction.
Item 4 is hereby amended and supplemented by the addition of the following:
Certain of the Reporting Persons converted an aggregate of 423,892 ADSs into
105,973 shares of Common Stock, which conversion was completed on May 1, 2006,
in order to obtain certain shareholder rights under applicable Korean law only
available to holders of Common Stock (described below) and not otherwise
available to holders of ADSs. As a result, of the Reporting Persons collective
6.61% beneficial ownership, approximately 1.53% is owned directly in the form of
Common Stock and approximately 5.08% is owned in the form of ADSs. On
information and belief, the other member of the Committee converted a number of
ADSs into Common Stock such that, as of May 2, 2006, collectively the members of
the Committee directly own approximately 3.05% of the Common Stock in addition
to ADSs.
Under applicable Korean law, as a holder of greater than 3% of the Common Stock,
the Committee has the right, which the Committee may exercise at any time and
from time to time, to bring a shareholders' derivative lawsuit, demand an
extraordinary meeting of shareholders, propose an agenda for the general
CUSIP No. 38911N107 13D Page 19 of 30 Pages
meeting of shareholders, demand removal of directors or inspect the books and
related documents of Gravity. The Committee is considering exercising its right
to inspect the books and related documents of Gravity and may in the future
consider exercising its other shareholder rights.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and supplemented by the addition of the following:
Transactions in the Common Stock since the filing of the Original Statement
(which were all in the open market unless otherwise noted on Schedule F-1) by
the Reporting Persons are set forth in Schedule F-1 attached hereto and
incorporated by reference herein.
1. Starboard
(a) As of the date of this filing, Starboard may be deemed
the beneficial owner of 41,429.5 shares of Common
Stock.
Percentage: Approximately 0.60% as of the date hereof.
The percentages used herein and in the rest of Item 5
are calculated based upon 6,948,900 shares, which
reflects the shares of Common Stock outstanding as of
December 31, 2004, as reported by the Company on its
Form 20-F filed on June 30, 2005.
(b) 1. Sole power to vote or direct vote: 41,429.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
41,429.5
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by
Starboard since the filing of the Original Statement is
set forth in Schedule F-1 and is incorporated by
reference. Starboard entered into transactions in the
Common Stock since the filing of the Original Statement
which are set forth on Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
2. Parche
(a) As of the date of this filing, Parche may be deemed the
beneficial owner of 62,369 shares of Common Stock.
Percentage: Approximately 0.90% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 62,369
2. Shared power to vote or direct vote: 0
CUSIP No. 38911N107 13D Page 20 of 30 Pages
3. Sole power to dispose or direct the disposition:
62,369
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by Parche
since the filing of the Original Statement is set forth
in Schedule F-1 and is incorporated by reference. Parche
entered into transactions in the Common Stock since the
filing of the Original Statement which are set forth on
Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
3. RCG Ambrose
(a) As of the date of this filing, RCG Ambrose may be deemed
the beneficial owner of 38,276.5 shares of Common
Stock.
Percentage: Approximately 0.55% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 38,276.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
38,276.5
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by RCG
Ambrose since the filing of the Original Statement is
set forth in Schedule F-1 and is incorporated by
reference. RCG Ambrose entered into transactions in the
Common Stock since the filing of the Original Statement
which are set forth on Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
4. RCG Halifax
(a) As of the date of this filing, RCG Halifax may be
deemed the beneficial owner of 38,713.25 shares of
Common Stock.
Percentage: Approximately 0.56% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 38,713.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
38,713.25
4. Shared power to dispose or direct the disposition: 0
CUSIP No. 38911N107 13D Page 21 of 30 Pages
(c) The number of shares of Common Stock acquired by RCG
Halifax since the filing of the Original Statement is
set forth in Schedule F-1 and is incorporated by
reference. RCG Halifax entered into transactions in the
Common Stock since the filing of the Original Statement
which are set forth on Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
5. Ramius Master Fund
(a) As of the date of this filing, Ramius Master Fund may be
deemed the beneficial owner of 133,922 shares of
Common Stock.
Percentage: Approximately 1.93% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 133,922
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
133,922
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by Ramius
Master Fund since the filing of the Original Statement
is set forth in Schedule F-1 and is incorporated by
reference. Ramius Master Fund entered into transactions
in the Common Stock since the filing of the Original
Statement which are set forth on Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
6. Ramius Fund III
(a) As of the date of this filing, Ramius Fund III may be
deemed the beneficial owner of 5,356.5 shares of Common
Stock.
Percentage: Approximately 0.08% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 5,356.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
5,356.5
4. Shared power to dispose or direct the disposition: 0
CUSIP No. 38911N107 13D Page 22 of 30 Pages
(c) The number of shares of Common Stock acquired by Ramius
Fund III since the filing of the Original Statement is
set forth in Schedule F-1 and is incorporated by
reference. Ramius Fund III entered into transactions in
the Common Stock since the filing of the Original
Statement which are set forth on Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
7. Admiral
(a) As of the date of this filing, Admiral may be deemed the
beneficial owner of 103,798.5 shares of Common Stock.
Percentage: Approximately 1.49% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 103,798.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
103,798.5
4. Shared power to dispose or direct the disposition: 0
(c) Admiral did not enter into any transactions in the
Common Stock since the filing of the Original Statement.
The transactions in the Common Stock since the filing of
the Original Statement on behalf of Starboard and
Parche, which were all in the open market (except as
otherwise indicated on Schedule F-1), are set forth in
Schedule F-1, and are incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
8. Ramius Advisors
(a) As of the date of this filing, Ramius Advisors may be
deemed the beneficial owner of 139,278.5 shares of
Common Stock.
Percentage: Approximately 2.00% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 139,278.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
139,278.5
4. Shared power to dispose or direct the
CUSIP No. 38911N107 13D Page 23 of 30 Pages
disposition: 0
(c) Ramius Advisors did not enter into any transactions in
the Common Stock since the filing of the Original
Statement. The transactions in the Common Stock since
the filing of the Original Statement on behalf of Ramius
Master Fund and Ramius Fund III, which were all in the
open market (except as otherwise indicated on Schedule
F-1), are set forth in Schedule F-1, and are
incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
9. Safe Harbor Master Fund
(a) As of the date of this filing, Safe Harbor Master Fund
may be deemed the beneficial owner of 139,173.5 shares
of Common Stock.
Percentage: Approximately 2.00% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 139,173.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
139,173.5
4. Shared power to dispose or direct the disposition: 0
(c) The number of shares of Common Stock acquired by Safe
Harbor Master Fund is set forth in Schedule F-1 and is
incorporated by reference. Safe Harbor Master Fund
entered into transactions in the Common Stock since the
filing of the Original Statement which are set forth on
Schedule F-1.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
10. Safe Harbor Investment
(a) As of the date of this filing, Safe Harbor Investment
may be deemed the beneficial owner of 139,173.5 shares
of Common Stock.
Percentage: Approximately 2.00% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 139,173.5
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
CUSIP No. 38911N107 13D Page 24 of 30 Pages
139,173.5
4. Shared power to dispose or direct the disposition: 0
(c) Safe Harbor Investment did not enter into any
transactions in the Common Stock since the filing of the
Original Statement. The transactions in the Common Stock
since the filing of the Original Statement on behalf of
Safe Harbor Master Fund, which were all in the open
market (except as otherwise indicated on Schedule F-1),
are set forth in Schedule F-1, and are incorporated by
reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
11. Ramius Capital
(a) As of the date of this filing, Ramius Capital may be
deemed the beneficial owner of 459,240.25 shares of
Common Stock.
Percentage: Approximately 6.61% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 459,240.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
459,240.25
4. Shared power to dispose or direct the disposition: 0
(c) Ramius Capital did not enter into any transactions in
the Common Stock since the filing of the Original
Statement. The transactions in the Common Stock since
the filing of the Original Statement on behalf of
Starboard, Parche, RCG Ambrose, RCG Halifax, Ramius
Master Fund, Ramius Fund III and Safe Harbor Master
Fund, which were all in the open market (except as
otherwise indicated on Schedule F-1), are set forth in
Schedule F-1, and are incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
12. C4S
(a) As of the date of this filing, C4S may be deemed the
beneficial owner of 459,240.25 shares of Common Stock.
Percentage: Approximately 6.61% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 459,240.25
CUSIP No. 38911N107 13D Page 25 of 30 Pages
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
459,240.25
4. Shared power to dispose or direct the disposition: 0
(c) C4S did not enter into any transactions in the Common
Stock since the filing of the Original Statement. The
transactions in the Common Stock since the filing of the
Original Statement on behalf of Starboard, Parche, RCG
Ambrose, RCG Halifax, Ramius Master Fund, Ramius Fund
III and Safe Harbor Master Fund, which were all in the
open market (except as otherwise indicated on Schedule
F-1), are set forth in Schedule F-1, and are
incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
such shares of the Common Stock.
(e) Not applicable.
13. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
(a) As of the date of this filing, each of Mr. Cohen, Mr.
Stark, Mr. Strauss and Mr. Solomon may be deemed the
beneficial owner of 459,240.25 shares of Common Stock.
Each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr.
Solomon disclaims beneficial ownership of the shares of
Common Stock owned by Starboard, Parche, RCG Ambrose,
RCG Halifax, Ramius Master Fund, Ramius Fund III and
Safe Harbor Master Fund, and the filing of this Schedule
13D shall not be construed as an admission that any such
person is the beneficial owner of any such securities.
Percentage: Approximately 6.61% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 459,240.25
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition:
459,240.25
(c) Neither Mr. Cohen, Mr. Stark, Mr. Strauss nor Mr.
Solomon has entered into any transactions in the Common
Stock since the filing of the Original Statement. The
transactions in the Common Stock since the filing of the
Original Statement on behalf of Starboard, Parche, RCG
Ambrose, RCG Halifax, Ramius Master Fund, Ramius Fund
III and Safe Harbor Master Fund, which were all in the
open market (except as otherwise indicated on Schedule
F-1), are set forth in Schedule F-1, and are
incorporated by reference.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of,
CUSIP No. 38911N107 13D Page 26 of 30 Pages
such shares of the Common Stock.
(e) Not applicable.
Upon information and belief, as of the close of business on May 2, 2006,
Moon may be deemed to beneficially own 544,019.75 shares of Common Stock,
105,971 of which, representing approximately 1.53% of its beneficial ownership,
are owned directly in the form of Common Stock and 438,048.75 of which,
representing approximately 6.30% of its beneficial ownership, are owned in the
form of ADSs.
Item 7. Material to be Filed as Exhibits.
There is filed herewith the following Exhibit:
Exhibit I - Joint Filing Agreement, as required by Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended.
CUSIP No. 38911N107 13D Page 27 of 30 Pages
SCHEDULE G
DIRECTORS AND OFFICERS OF RAMIUS FUND III
NAME AND POSITION PRINCIPAL OCCUPATION PRINCIPAL BUSINESS
Morgan B. Stark, Director Managing Member of C4S 666 Third Avenue
& Co., L.L.C. which is the 26th Floor
Managing Member of Ramius New York, NY 10017
Capital Group, L.L.C.
Marran H. Ogilvie, General Counsel of Ramius 666 Third Avenue
Director Capital Group, L.L.C. 26th Floor
New York, NY 10017
CFS Company, Ltd., Registered with Cayman c/o Citco Fund Services
Director Islands Monetary Limited
Authority and affiliated (Cayman Islands)
with Administrator of the Corporate Centre
Fund West Bay Road
Grand Cayman, Cayman
Islands
British West Indies
CSS Corporation Ltd. Affiliate of Citco Fund Services
Secretary Administrator of the Fund Limited
(Cayman Islands)
Corporate Centre
West Bay Road
Grand Cayman, Cayman
Islands
British West Indies
CUSIP No. 38911N107 13D Page 28 of 30 Pages
SCHEDULE F-1
PURCHASES OF COMMON STOCK
Date Price Qua(1)
RCG Ambrose Master Fund, Ltd. 3/28/2006 7.0358 668
3/29/2006 7.1965 352
3/30/2006 7.1999 296
4/25/2006 8.3700 (45,856)(2)
5/02/2006 8.2076 1,502
5/03/2006 8.0581 1,759
RCG Halifax Fund, Ltd. 3/28/2006 7.0358 668
3/29/2006 7.1965 352
3/30/2006 7.1999 296
4/25/2006 8.2700 (46,384)(2)
5/01/2006 8.207597 1,520
5/03/2006 8.0581 1,759
Parche, LLC 3/28/2006 7.0358 1,168
3/28/2006 7.0358 1,002
3/29/2006 7.1965 528
3/29/2006 7.1965 617
3/30/2006 7.1999 444
3/30/2006 7.1999 518
5/02/2006 8.2076 2,127
5/02/2006 8.2076 306
5/03/2006 8.0581 3,870
5/03/2006 8.0581 510
Ramius Master Fund, Ltd. 3/27/2006 7.1406 8,088
3/28/2006 7.0358 2,336
3/29/2006 7.1965 1,233
3/30/2006 7.1999 1,036
4/25/2006 8.3300 (165,700)(2)
5/01/2006 8.7300 (20,601)(3)
5/02/2006 8.2076 5,131
5/03/2006 8.0581 9,675
Ramius Fund III, Ltd. 5/01/2006 8.7300 20,601(3)
5/02/2006 8.2076 298
5/03/2006 8.0581 527
Safe Harbor Master Fund L.P. 3/28/2006 7.0358 4,674
3/29/2006 7.1965 2,465
3/30/2006 7.1999 2,072
4/25/2006 6.898 (165,952)(2)
5/02/2006 8.2076 5,438
5/03/2006 8.0581 8,953
Starboard Value and Opportunity
Master Fund Ltd. 3/28/2006 7.0358 6,176
3/29/2006 7.1965 3,257
3/30/2006 7.1999 2,738
5/02/2006 8.2076 1,618
5/03/2006 8.0581 2,691
(1) The Reporting Persons purchased ADS, each of which represents .25 shares
of Common Stock.
(2) Represents ADSs converted by the Reporting Person into shares of Common
Stock.
(3) The ADSs reported as acquired by Ramius Fund III, Ltd and sold by Ramius
Master Fund, Ltd. were acquired by Ramius Fund III, Ltd from Ramius Master Fund,
LTD. as a distribution in kind on May 1, 2006. The price per unit for these
20,601 ADSs on the date of distribution was $8.7300.
CUSIP No. 38911N107 13D Page 29 of 30 Pages
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 4, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD.
MASTER FUND LTD. By: Ramius Advisors, LLC
its investment manager
PARCHE, LLC By: Ramius Capital Group, L.L.C.
By: Admiral Advisors, LLC, its its managing member
managing member
RAMIUS FUND III, LTD.
RCG AMBROSE MASTER FUND, LTD. By: Ramius Advisors, LLC
By: Ramius Capital Group, L.L.C., its investment manager
its investment manager By: Ramius Capital Group, LLC
By: C4S & Co., L.L.C., its managing member
its Managing Member
ADMIRAL ADVISORS, LLC
RCG HALIFAX FUND, LTD. By: Ramius Capital Group, L.L.C.,
By: Ramius Capital Group, L.L.C., its managing member
its investment manager
By: C4S & Co., L.L.C., RAMIUS ADVISORS, LLC
its managing member By: Ramius Capital Group, L.L.C.,
its managing member
RAMIUS CAPITAL GROUP, L.L.C.
By: C4S & Co., L.L.C.,
as managing member
C4S & CO., L.L.C.
By: /s/ Morgan B. Stark
-------------------------------
Name: Morgan B. Stark
Title: Authorized Signatory
SAFE HARBOR MASTER FUND, L.P. SAFE HARBOR INVESTMENT LTD.
By: Safe Harbor Investment Ltd., By: /s/ Morgan B. Stark
its general partner ----------------------------
Name: Morgan B. Stark
By: /s/ Morgan B. Stark Title: Authorized Signatory
----------------------------
Name: Morgan B. Stark
Title: Authorized Signatory
MORGAN B. STARK
/s/ Morgan B. Stark
--------------------------------
Individually and as attorney-in-
fact for Peter A. Cohen, Jeffrey
M. Solomon and Thomas W. Strauss
CUSIP No. 38911N107 13D Page 30 of 30 Pages
EXHIBIT I
JOINT FILING AGREEMENT
PURSUANT TO RULE 13D-1(k)
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him or it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such
information is inaccurate.
Dated: May 3, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD
MASTER FUND LTD. By: Ramius Advisors, LLC
its investment manager
PARCHE, LLC By: Ramius Capital Group, L.L.C.
By: Admiral Advisors, LLC, its its managing member
managing member
ADMIRAL ADVISORS, LLC
RCG AMBROSE MASTER FUND, LTD. By: Ramius Capital Group, L.L.C.,
By: Ramius Capital Group, L.L.C., its managing member
its investment manager
By: C4S & Co., L.L.C., RAMIUS ADVISORS, LLC
its Managing Member By: Ramius Capital Group, L.L.C.,
its managing member
RCG HALIFAX FUND, LTD.
By: Ramius Capital Group, L.L.C., RAMIUS CAPITAL GROUP, L.L.C.
its investment manager By: C4S & Co., L.L.C.,
By: C4S & Co., L.L.C., as managing member
its managing member
RAMIUS FUND III, LTD C4S & CO., L.L.C.
By: Ramius Advisors, LLC
its investment manager
By: Ramius Capital Group, L.L.C.
its managing member
By: /s/ Morgan B. Stark
----------------------
Name: Morgan B. Stark
Title: Authorized Signatory
SAFE HARBOR MASTER FUND, L.P. SAFE HARBOR INVESTMENT LTD.
By: Safe Harbor Investment Ltd., By: /s/ Morgan B. Stark
its general partner ---------------------------
Name: Morgan B. Stark
By: /s/ Morgan B. Stark Title: Authorized Signatory
---------------------------
Name: Morgan B. Stark
Title: Authorized Signatory