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Hanmi Science |
[Alpha Biz= Reporter Kim Jisun] Im Jong-yun, a director at Hanmi Science and the eldest son of the late Lim Sung-ki, founder of Hanmi Pharmaceutical Group, and Im Jong-hoon, CEO of Hanmi Science, have stated that the mother-daughter duo, Song Young-sook, Chairman of Hanmi Science, and Im Joo-hyun, Vice Chairman, as well as Shin Dong-guk, Chairman of Hanyang Precision, should stop their interference with investment acquisition.
On the 26th, Hanmi Science sent a response to the notarized letter sent through law firm Sejong by the major shareholders, including Song, Im, and Shin. The three major shareholders had requested an extraordinary general meeting of Hanmi Science, the holding company of Hanmi Pharmaceutical Group, on the 29th of last month. The main agenda was to increase the board members from the current number and to elect three new directors.
Hanmi Science, representing the opposing side, argued in their response, “A sudden management dispute does not materialize just because an extraordinary general meeting request, which does not meet the necessary requirements, was sent while the company is in a stabilizing situation.” They also claimed that the request included a vague reason of “to ensure flexibility in board composition” to change the articles of incorporation to increase the number of directors despite the low likelihood of passing.
They further criticized, “With no specific candidates for directors, it is questionable to send the notice for an extraordinary general meeting. This ultimately seems intended to obstruct fund raising and investment acquisition through third-party allocated new shares, convertible bonds, and warrants.”
Previously, on the 13th, CEO Im Jong-hoon met with the Hanmi Science Minor Shareholders Alliance to emphasize the need for investment acquisition to address the overhang issue related to inheritance tax. Hanmi Science's response highlighted concerns that the extraordinary general meeting requested by the three-party alliance could harm minor shareholders by hindering investment acquisition.
Hanmi Science stated, “Interference with investment acquisition by shareholders like Shin Dong-guk will ultimately harm minor shareholders.” They pointed out that the overhang issue, despite the company’s strong performance, restrains stock price increases and could lead to a severe drop in stock prices due to massive sales by major shareholders, which significantly affects minor shareholders.
They also emphasized, “The need for investment acquisition was recognized in the preliminary injunction decision by the Suwon District Court earlier this year.” They condemned the ongoing interference in fund raising as a breach of fiduciary duty.
Moreover, they warned, “Obstructing investment acquisition is a breach of valid agreements among major shareholders and could mislead the National Tax Service, potentially leading to cancellation of extension requests and other actions by tax authorities, which could ultimately harm the company and minor shareholders.”
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
