ENTERTAINMENT
Adore Board of Directors Result Report “Extraordinary shareholders’ meeting held on May 31, Min Hee-jin dismissed”
Adore CEO Min Hee-jin and the board of directors held a board meeting somewhere in downtown Seoul on the morning of the 10th to discuss the agenda for convening Adore's extraordinary general meeting of shareholders. Adore said in an official statement on this day, "Today, the board of directors decided to hold an extraordinary general meeting of shareholders on May 31st, with all members, including auditors, attending. The agenda for the extraordinary general meeting of shareholders was decided based on the content requested by Hive." He said.
Previously, at the hearing on Hive's application for permission to convene an extraordinary general meeting of shareholders held at the Seoul Western District Court on the 30th of last month, CEO Min announced that he would hold a board meeting by this day, decide whether to convene an extraordinary general meeting, and then hold an extraordinary general meeting by the end of this month.
If Adore decides to hold an extraordinary general meeting of shareholders at the end of this month through the board of directors meeting on this day, the extraordinary general meeting of shareholders will be held one to two weeks earlier than Hive had planned in early June.
However, some say that this extraordinary shareholders' meeting schedule is a strategy on CEO Min's part. There is speculation that he may hold an extraordinary general meeting of shareholders in conjunction with New Genes' comeback scheduled for the 24th to pressure Hive through public opinion on the validity of his dismissal.
In addition, Representative Min filed a request with the court for a provisional injunction against Hive from exercising its voting rights. The request for a provisional injunction is to prevent Hive, which owns 80% of Adore's shares, from exercising its voting rights on the dismissal of CEO Min at the extraordinary shareholders' meeting. In relation to this, CEO Min added, "This is to protect Adore's artists (New Jeans) and Adore's corporate value."
The interrogation date related to this is scheduled to be held on the 17th, so major variables may arise depending on the court's decision. In relation to this issue, the court's judgment on the application for a provisional injunction is very important.
If the request for a preliminary injunction is rejected, Hive, which owns 80% of the shares, can end this situation by claiming to exercise shareholders' rights and replacing Adore's management. On the other hand, if the court upholds the request for a preliminary injunction, Hive's plans will be disrupted.
