Mason Capital Minority Shareholders Alliance "Major Shareholders Engaging in Illegal and Unfair Practices"

[Asia Economy Reporter Hyunseok Yoo] The Mason Capital Minority Shareholders Alliance announced on the 8th that Mason Capital is committing illegal acts in the process of collecting voting rights ahead of the shareholders' meeting.

Mason Capital disclosed reference documents on the 4th and announced that it would begin collecting voting rights through an agency starting from the 9th. However, the Minority Shareholders Alliance claimed that the company is engaging in unfair practices by visiting shareholders to obtain proxy forms even before providing the shareholder registry to the alliance.

The Mason Capital Minority Shareholders Alliance stated, "The company's disclosure of reference documents, which implies an intention to meet shareholders first and collect proxy forms without providing the shareholder registry to the alliance, reflects the current management's mindset that has long disregarded shareholders."

In particular, the Minority Shareholders Alliance argues that employees of the agency handling the company's voting rights solicitation began visiting shareholders before the 9th, violating the Capital Markets Act. The alliance said, "There have been continuous testimonies from shareholders who received visits from the company's voting rights collection agency staff starting from the 6th. Such actions violate Articles 152 and 153 of the Capital Markets and Financial Investment Business Act, which stipulate that solicitation for proxy voting is only allowed after two business days have passed since the disclosure of reference documents."

The shareholders' alliance explained that although there were some setbacks in the practical preparations for collecting voting rights due to the company's unfair response, shareholder support is actually increasing. Even neutral shareholders are disappointed by the company's unfair actions and are increasingly willing to entrust their voting rights to the alliance.

Representative An Wondeok of the Shareholders Alliance said, "The format of the shareholder registry provided by the company late on the afternoon of Friday the 5th was an obvious trick to delay the alliance's voting rights collection activities. We urge shareholders not to give proxy forms to the company's illegal voting rights collection agency but to give them to personnel visiting after the alliance's disclosure of reference documents."

This content was produced with the assistance of AI translation services.