Minority Shareholder-Led Proxy Fight… Attempt to Avoid Delisting by Replacing All Directors and Amending Articles
Proposer Lee Young-seop (0.00% stake), jointly with Haedeun Sky Investment Trust (4.26% stake), requests proxies for an EGM on June 11, 2026, to remove all 7 incumbent directors and elect 10 new directors
The company faces delisting risk due to external auditor's adverse opinion and alleged embezzlement/breach of trust by current management; the proposer argues that replacing management and strengthening transparency is essential to resolve the crisis
Incumbent management is suspected of asset diversion and stock price manipulation; proposed new director candidates (e.g., Jung Hee-kyun, Lee Gyu-yeol) include management and legal experts
Proposed amendments include reducing board size to max 4 (currently 3-8), raising independent director ratio to at least 1/3 (currently 1/4), and tightening conditions for director liability cap exemption (including gross negligence and legal violations), aiming to improve governance
Auditor election: shareholder proposal for attorney Park Byung-sun, board recommendation for director Oh Won-yong (total 2 auditors to be appointed)
Proxies are accepted via mail or email, with the soliciting agent being Wisc Company Works Co., Ltd.
If passed, management change could mitigate delisting risk; if rejected, the current management continues, likely negatively impacting stock price
[AI Comprehensive Analysis]This proxy solicitation is an attempt to normalize the company facing delisting through a change in management. While success could positively impact enterprise value, the low current stake makes passage uncertain. Failure could exacerbate risks, requiring investor caution.
KOSPI Filing Information
Filing: [Correction of Description] Proxy Solicitation Reference Documents