UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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)
June 1, 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 28 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 28 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
46,488.50
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
46,488.50
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
46,488.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.67%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 3 of 28 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
67,868
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
67,868
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
67,868
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.98%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 4 of 28 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
40,934.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
40,934.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
40,934.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.59%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 5 of 28 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
41,406.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
41,406.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
41,406.75
-----------------------------------------------------------------------------
(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 6 of 28 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
145,058.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
145,058.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
145,058.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.09%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 7 of 28 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
5,987.50
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
5,987.50
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,987.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.09%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 8 of 28 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
114,356.50
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
114,356.50
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
114,356.50
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.65%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 9 of 28 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
151,046.25
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
151,046.25
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
151,046.25
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.17%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 10 of 28 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
156,092.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
156,092.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
156,092.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 11 of 28 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
156,092.75
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
156,092.75
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
156,092.75
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 12 of 28 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
503,837
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
503,837
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
503,837
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA, OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 13 of 28 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
503,837
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
503,837
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
503,837
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 14 of 28 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
503,837
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
503,837
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
503,837
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 15 of 28 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
503,837
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
503,837
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
503,837
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 16 of 28 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
503,837
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
503,837
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
503,837
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 17 of 28 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
503,837
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
503,837
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
503,837
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.25%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38911N107 13D Page 18 of 28 Pages
This Amendment No. 3 ("Amendment No. 3") amends the statement on Schedule
13D dated March 28, 2006 as amended by Amendment No. 1 dated May 2, 2006 and
Amendment No. 2 dated May 23, 2006 (the "Original Statement"). Any capitalized
terms used in this Amendment No. 3 and not otherwise defined herein shall have
the meanings ascribed to such terms in the Original Statement.
Item 4. Purpose of the Transaction.
Item 4 is hereby amended and supplemented by the addition of the following:
As previously disclosed, certain of the Reporting Persons converted ADSs
into shares of Common Stock to avail themselves of certain shareholder rights
under applicable Korean law including the right to inspect the books and related
documents of Gravity.
In accordance with these rights, the Committee requested copies of certain
of Gravity's financial documents to conduct an investigation of related party
transactions. Gravity did not honor the Committee's request.
On June 1, 2006, the Committee filed a petition for injunction with the
Seoul Central District Court against Gravity to exercise its shareholder's
rights under Korean law to inspect the financial documents of Gravity, including
with respect to certain related party transactions among Gravity, GungHo Online
Entertainment ("GungHo"), SOFTBANK Corp. ("SOFTBANK") and certain affiliates of
GungHo and SOFTBANK.
The Committee issued a press release regarding this petition, a copy of
which is attached as Exhibit V hereto and is incorporated by reference herein.
CUSIP No. 38911N107 13D Page 19 of 28 Pages
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-3) by
the Reporting Persons are set forth in Schedule F-3 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 46,488.50 shares of Common
Stock.
Percentage: Approximately 0.67% 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: 46,488.50
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
46,488.50
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-3 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-3.
(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 67,868 shares of Common Stock.
Percentage: Approximately 0.98% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 67,868
2. Shared power to vote or direct vote: 0
CUSIP No. 38911N107 13D Page 20 of 28 Pages
3. Sole power to dispose or direct the disposition:
67,868
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-3 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-3.
(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 40,934.75 shares of Common
Stock.
Percentage: Approximately 0.59% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 40,934.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
40,934.75
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-3 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-3.
(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 41,406.75 shares of
Common Stock.
Percentage: Approximately 0.60% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 41,406.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
41,406.75
4. Shared power to dispose or direct the disposition: 0
CUSIP No. 38911N107 13D Page 21 of 28 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-3 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-3.
(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 145,058.75 shares of
Common Stock.
Percentage: Approximately 2.09% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 145,058.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
145,058.75
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-3 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-3.
(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 5,987.50 shares of Common
Stock.
Percentage: Approximately 0.09% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 5,987.50
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
5,987.50
4. Shared power to dispose or direct the disposition: 0
CUSIP No. 38911N107 13D Page 22 of 28 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-3 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-3.
(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 114,356.50 shares of Common Stock.
Percentage: Approximately 1.65% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 114,356.50
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
114,356.50
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-3), are set forth in
Schedule F-3, 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 151,046.25 shares of
Common Stock.
Percentage: Approximately 2.17% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 151,046.25
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
151,046.25
4. Shared power to dispose or direct the
CUSIP No. 38911N107 13D Page 23 of 28 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-3), are set forth in Schedule F-3, 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 156,092.75 shares
of Common Stock.
Percentage: Approximately 2.25% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 156,092.75
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
156,092.75
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-3 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-3.
(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 156,092.75 shares
of Common Stock.
Percentage: Approximately 2.25% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 156,092.75
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 28 Pages
156,092.75
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-3),
are set forth in Schedule F-3, 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 503,837 shares of
Common Stock.
Percentage: Approximately 7.25% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 503,837
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
503,837
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-3), are set forth in
Schedule F-3, 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 503,837 shares of Common Stock.
Percentage: Approximately 7.25% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 503,837
CUSIP No. 38911N107 13D Page 25 of 28 Pages
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition:
503,837
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-3), are set forth in Schedule F-3, 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 503,837 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 7.25% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 503,837
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition:
503,837
(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-3), are set forth in Schedule F-3, 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 29 Pages
such shares of the Common Stock.
(e) Not applicable.
Upon information and belief, as of the close of business on June 1, 2006,
Moon may be deemed to beneficially own 549,296 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 443,325 of which,
representing approximately 6.38% of its beneficial ownership, are owned in the
form of ADSs.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended to add the following Exhibit:
Exhibit V - Press Release issued June 1, 2006 by the Gravity Committee for
the Fair Treatment of Minority Shareholders.
CUSIP No. 38911N107 13D Page 27 of 28 Pages
SCHEDULE F-3
PURCHASES OF COMMON STOCK
Date Price Qua(1)
RCG Ambrose Master Fund, Ltd. 5/25/2006 $8.1098 64
5/30/2006 8.0922 254
5/31/2006 7.9463 213
RCG Halifax Fund, Ltd. 5/25/2006 $8.1098 66
5/30/2006 8.0922 259
5/31/2006 7.9463 217
Parche, LLC 5/25/2006 $8.1098 93
5/25/2006 8.1098 28
5/30/2006 8.0922 368
5/30/2006 8.0922 108
5/31/2006 7.9463 308
5/31/2006 7.9463 91
Ramius Master Fund, Ltd. 5/25/2006 $8.1098 224
5/30/2006 8.0922 886
5/31/2006 7.9463 742
Ramius Fund III, Ltd. 5/25/2006 $8.1098 13
5/30/2006 8.0922 52
5/31/2006 7.9463 43
Safe Harbor Master Fund L.P. 5/25/2006 $8.1098 491
5/30/2006 8.0922 1,943
5/31/2006 7.9463 1,626
Starboard Value and Opportunity
Master Fund Ltd. 5/25/2006 $8.1098 147
5/30/2006 8.0922 580
5/31/2006 7.9463 486
(1) The Reporting Persons purchased ADS, each of which represents .25 shares
of Common Stock.
CUSIP No. 38911N107 13D Page 28 of 28 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: June 1, 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/ Jeffrey M. Solomon
-------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
SAFE HARBOR MASTER FUND, L.P. SAFE HARBOR INVESTMENT LTD.
By: Safe Harbor Investment Ltd., By: /s/ Jeffrey M. Solomon
its general partner ----------------------------
Name: Jeffrey M. Solomon
By: /s/ Jeffrey M. Solomon Title: Authorized Signatory
----------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
JEFFREY M. SOLOMON
/s/ Jeffrey M. Solomon
--------------------------------
Individually and as attorney-in-
fact for Peter A. Cohen, Morgan
B. Stark and Thomas W. Strauss