CCS Chungbuk Broadcasting Calls EGM for 32.23% Capital Reduction to Cover Deficits

EGM on May 22, 2026: capital reduction of 21,000,000 common shares (32.23%) via share consolidation (1.476→1) to offset deficits; post-reduction capital KRW 22.076bn, shares 44,152,039
Court injunction (Cheongju Dist. Ct. 2026Kahap513) compelled inclusion of shareholder proposals (articles amendment, director/auditor elections), but two candidates (inside director Choi Su-il, outside director Kim Dong-hyun) resigned
Injunction (2026Kahap538, 539) pending against Mar 31, 2026 AGM resolutions; same agenda (capital reduction, remuneration limits, elections) re-submitted
Articles amendments: reflect revised Commercial Act ('outside director'→'independent director', duty to company and shareholders, shortened notice period); removal of supermajority clause; new provision for treasury stock acquisition/disposal
New director candidates: inside directors Kim Jun-ho (CEO) and Park Jin-sook (AI CCTV head), outside director Hwang Shin-yong (Kim & Chang law firm advisor), auditor Hyun Ki-yong (attorney)
Agenda to approve director remuneration limit of KRW 1bn and auditor limit of KRW 0.1bn (ratification for 2024 and approval for 2026)
Company's stock suspended since June 23, 2025 due to listing eligibility review; improvement period ends May 17, 2026