Truston Asset Management "BYC Board's Position, Disappointed by Lack of Specific Response"

BYC Management Expresses Intention to Take Appropriate Measures
"Will Directly Hear Specific Responses to Demands"

[Asia Economy Reporter Minji Lee] Truston Asset Management announced on the 11th that BYC management has expressed its position to carefully review the proposal in the shareholder letter and take appropriate measures accordingly.

Truston Asset Management changed the investment purpose of its BYC shares to management participation in a disclosure on the 23rd of last month, and on the 24th of last month, sent a shareholder letter to the BYC board of directors. The shareholder letter contained five demands: △ reduction of internal transactions that negatively affect performance △ expansion of liquidity △ establishment of a reasonable dividend policy △ establishment of a regular IR plan △ communication with the market regarding efficient utilization plans for non-revenue real estate assets, and requested the company to clarify its position by the 10th of this month.

Truston Asset Management said, “It is positive that BYC management sent a response by the deadline we set and stated that they would take appropriate measures regarding the demands we made in the shareholder letter, but it is very disappointing that there was no specific answer to the five demands.”

Furthermore, the company added, “Since they stated in the response that they would take appropriate measures, we plan to hold a meeting to hear what changes the BYC board of directors intends to make going forward.” Truston Asset Management plans to take all necessary measures, such as requesting access to accounting books and board meeting minutes, to verify whether the shareholder proposals can be properly implemented if the BYC board does not present specific plans at this meeting as well.

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