Most of the resolutions of the Reunion of the extraordinary shareholders of Korea Zinc are suspended … a big victory for Young POONG and MBK Partners
A green light to obtain control over Korea zinc
Seoul, South Korea,, March 8, 2025 / Prnewswire / – The court judged that the restriction Young POONG voting rights at the meeting of extraordinary shareholders of Korea Zinc on January 23 Was illegal, suspended the effectiveness of most of the resolutions adopted, including resolution to impose a ceiling on the number of administrators.
In addition, as Young POONG The restriction of voting rights has been deemed illegal, the duties of the seven nominated administrators with zinc zinc, which were appointed by a process tainted by significant procedural defects, were also suspended.
On March 7The Civil 50 Division of the Central District Court of Seoul grants Young POONG and the request for injunction of MBK Partners to suspend the resolutions of the assembly of extraordinary shareholders of Korea Zinc, judging that “under article 369, paragraph 3 of the commercial law, restricting Young POONG Zinc Korea voting rights are illegal. “The court therefore suspended the effectiveness of resolutions on:
Article 1-2: Establish a ceiling on the number of administrators
Article 1-4: Stock split
Article 1-6: appointment of the Chairman of the Board of Directors among the external administrators
Article 1-7: Modification of the date of registration of the dividend
Article 1-8: Introduction of quarterly dividends
In addition, the seven directors appointed by Zinc Korea have been prohibited from exercising their functions as external directors.
With this decision, although the resolution to modify the incorporation statutes to introduce the cumulative vote (article 1-1) remains effective, the ceiling on the number of directors (established at 19 years) has been canceled and the seven nominated administrators with zinc in Korean can no longer fulfill their functions.
This decision opens the way to Young POONG And MBK Partners, the largest shareholders, to ensure control of Zinc Korea.
Young POONG And MBK Partners welcomed the court’s decision to grant the injunction.
During the annual general meeting of Korea Zinc, expected at the end of March, a new board of directors will be elected by cumulative vote. Young POONG And MBK Partners have already submitted a proposal from shareholders appointed 17 director candidates.
A representative of Young POONG And MBK Partners said: “We will do everything we can to restore corporate governance, the value of shareholders and the value of companies at Korea Zinc thanks to an annual and transparent annual general meeting.”
Source MBK Partners
