Min Hee Jin, the representative of ADOR, has filed an application for an injunction to prohibit the exercise of voting rights against HYBE.
On the 7th of May, Min Hee Jin’s representative stated, “Today, Min Hee Jin filed an application for an injunction to prohibit the exercise of voting rights against HYBE at the Seoul Central District Court.”
Furthermore, Min Hee Jin’s representative explained, “HYBE has requested an interim shareholders’ meeting regarding the dismissal of Min Hee Jin, the representative director and internal director, which is a violation of the shareholder agreement concluded with Min Hee Jin.” They added, “Therefore, Min Hee Jin, as the holder of the right to claim the performance of the shareholder agreement, has applied for an injunction to prohibit the exercise of voting rights, stating that the approval of the dismissal of Min Hee Jin, the representative director and internal director, should not be exercised by HYBE.”
Additionally, they emphasized, “Min Hee Jin’s claim of breach of trust by HYBE is groundless. To protect the ADOR artists under the management of Adore and the company’s value, Min Hee Jin has applied for an injunction to prohibit the exercise of voting rights.”
On the same day, ADOR announced that a board of directors’ meeting will be held on the morning of the 10th at a location in Seoul. The agenda of the meeting was revealed to be the convening of an interim shareholders’ meeting. HYBE has been demanding the convening of an interim shareholders’ meeting to replace the ADOR management, including Min Hee Jin.
As HYBE holds 80% of ADOR’s shares, there is a high possibility that the motion for the dismissal of Min Hee Jin as the representative director will be approved if the interim shareholders’ meeting takes place. Therefore, it seems that ADOR is taking a defensive stance against HYBE’s exercise of voting rights through this injunction application.
Currently, the ADOR board of directors consists of Min Hee Jin, two representatives as directors. The date for the interim shareholders’ meeting is expected to be at the end of this month.
Source: (A)
