Samyoung ENC Minority Shareholders, Centum Invest and Two Others File Injunction to Prohibit Voting Rights Exercise
[Asia Economy Reporter Jang Hyowon] Minority shareholders of Samyoung ENC announced on the 4th that they have filed an injunction to prohibit the exercise of voting rights against Samyoung ENC, Centum Invest, Winvest Venture Investment, and Cape Investment & Securities at the Busan District Court regarding the extraordinary general meeting of shareholders scheduled for the 15th.
On the 7th of last month, after the court rejected the minority shareholders' request to convene an extraordinary general meeting, Samyoung ENC held a board meeting and disclosed a decision to sell 555,000 treasury shares to Suseong Asset Management, Winvest Venture Investment, Centum Invest, and Cape Investment & Securities at 7,657 KRW per share.
The minority shareholders claimed that the timing of the disposal of treasury shares and the disclosure infringed upon the shareholders' fair opportunity.
They also explained that the sold treasury shares were purchased by the current management through a large-scale bond issuance of 10 billion KRW, despite the company having sufficient internal reserves. They argued that the current management illegally disposed of the shares to third-party friendly forces to defend their management rights, acting against the interests of the shareholders.
The minority shareholders stated, “We condemn the company for the current management’s issuance of convertible bonds, purchase and disposal of treasury shares, obstruction of the extraordinary general meeting convened by minority shareholders, and unreasonable attacks against former CEO Hwang Jae-woo,” adding, “We will strongly respond to the spread of false information and defamation.”
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Meanwhile, regarding the allegations raised by the company, former CEO Hwang Jae-woo’s side stated that all allegations are false and that they will soon disclose all evidence through a press conference and briefing session.
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