Samyoung ENC "Minority shareholders applying for temporary general meeting, sell shares after court approval"

[Asia Economy Reporter Hyungsoo Park] Samyoung ENC, a ship wireless communication equipment company, announced on the 4th that minority shareholders who requested the convening of an extraordinary general meeting of shareholders have sold some of their shares.

A Samyoung ENC official stated, "According to the shareholder registry, out of the 11 minority shareholders who applied for the convening of the extraordinary general meeting, 10 have sold their shares," adding, "As of the end of September last year, the minority shareholders who applied for the extraordinary general meeting held a 5.1% stake, including family holdings."

He continued, "As of the 18th of last month, it was found that only a portion of the shares remained, and all family shares were disposed of."

Samyoung ENC will hold extraordinary general meetings on the 15th and 26th respectively. On the 15th, minority shareholders including Yoon Ansang and 10 others convened the meeting, while on the 26th, the company convened it. To confirm the rights of shareholders, the shareholder registry was closed on the 18th (company-convened extraordinary general meeting) and the 22nd (minority shareholder-convened extraordinary general meeting) of last month.

Samyoung ENC explained that the shares held by minority shareholders decreased after the two reference dates when applying for the extraordinary general meeting. According to documents submitted to the court at the time of the application, the shares held by Yoon Ansang and 10 others were 321,646 shares, but decreased to 261,339 shares as of the shareholder registry date on the 18th of last month, and to 51,402 shares on the 22nd.

The shareholding ratio that minority shareholders can exercise at the extraordinary general meeting has also decreased. It is expected that at the extraordinary general meeting on the 15th, rights can be exercised for 0.5% of the total shares, and at the extraordinary general meeting on the 26th, for 2.9% of the shares.

Samyoung ENC does not rule out the possibility that the minority shareholders’ convening of the extraordinary general meeting was used as a means to boost the stock price. Attention is also being paid to the fact that the minority shareholders did not report joint shareholding for the purpose of participating in management, and that their shares decreased after the court’s approval of the extraordinary general meeting convening.

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