2024-03-25 18:00:00
Chairman Song, who fell behind in securing friendly shares, also demands repayment of KRW 26.6 billion in loans to his mother and daughter. On the 28th, there is a vote contest for the appointment of directors at the general meeting of shareholders.
On the 25th, Hanmi Pharmaceutical Group dismissed Lim Jong-yoon and Jong-hoon, presidents of Hanmi Pharmaceutical. At the same time, Lim Joo-hyun, CEO of Hanmi Pharmaceuticals, who is in conflict with the Lim brothers, held an emergency press conference and said, “Integration with OCI will increase shareholder value by eliminating the issue of overhang (potential excess stock) related to inheritance tax.” It is interpreted that Hanyang Precision Chairman Shin Dong-guk, who holds a 12.15% stake, is actively trying to persuade individual shareholders when the Lim brothers side with him ahead of the regular shareholders’ meeting (28th) that determines management rights.
On the 25th, Hanmi Pharmaceutical Group announced the dismissal of the two presidents, Jong-yoon Lim and Jong-hoon Jong-hoon, saying, “They caused disputes and caused damage regarding important resolutions of the Hanmi Science board of directors.” Currently, Hanmi Pharmaceutical is engaged in a dispute over management rights, with the eldest and second sons, wife, and daughter of the late former Chairman Lim Seong-ki clashing against each other. CEO Lim Joo-hyun explained at a press conference, “Hanmi Pharmaceutical Group Chairman Song Young-sook made the decision after long deliberation to reduce organizational confusion.”
What President Lim Joo-hyun continued to emphasize at the press conference was that he would increase shareholder value by eliminating the overhang risk caused by inheritance tax. President Lim said, “Last year, Hanmi Pharmaceutical had record-high performance, but it is unfortunate that this result was not reflected in the stock price due to inheritance tax risk.” He added, “We will eliminate risk through integration with OCI and apply for a protective deposit that will not sell shares for three years.” “He said. OCI Holdings Chairman Lee Woo-hyun, who was present at the press conference that day, also said, “There is absolutely no reason for us to sell our shares in Hanmi Science. “I will apply for custody directly to the Korea Securities Depository,” he declared.
At the same time, President Lim Joo-hyun also asked the Lim brothers, “Please tell me in detail how you will raise inheritance tax funds other than selling a large amount of shares, and where the funds will come from.” By next year, Chairman Song and his three siblings will have to pay about 270 billion won in inheritance tax. Currently, the amount borrowed by President Lim Jong-yoon using stocks as collateral is about 173 billion won, with annual interest alone amounting to 10 billion won. President Lim Joo-hyun said, “There is 26.6 billion won in loans lent unsecured to his brother (President Lim Jong-yoon). “We demanded immediate repayment and have also filed a lawsuit to return the loan.”
The two sides plan to vote on the board of directors recommended by each at the regular general shareholders’ meeting to be held on the 28th. Currently, Chairman Song’s friendly stake is approximately 35%. The Lim brothers’ friendly stake was previously about 30%, but increased to about 40% with Chairman Shin Dong-guk supporting the Lim brothers.
Currently, what remains on President Lim Joo-hyun’s side are the National Pension Service and minority shareholders with a 7.66% stake. While the National Pension Service has not revealed its voting rights exercise policy, the opinions of domestic and foreign voting rights advisors are divided. Among domestic voting rights advisory firms, the Korea ESG Standards Institute recommended President Lim Jong-yoon’s plan to appoint directors, while Sustainvest and global advisory firm Glass Lewis recommended the board appointment plan proposed by the mother and daughter. President Lim Joo-hyun also expressed his opinion on minority shareholder-friendly policies, saying, “After integration, we are considering aggressive sales and cancellation of treasury stock.”
Reporter Choi Ji-won [email protected]
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