Gyeongnam Pharmaceutical, which is in the process of public mergers and acquisitions, has emphasized impartiality, transparency and congratulations to the results before choosing the preferred bidder.
Kim Ji-sun, CEO of Kyungnam Pharmaceutical, said at a press conference at the Seoul office of Gyeongnam Pharmaceutical on the afternoon of the 30th: "We will be subject to priority negotiations following fair and transparent procedures."
Kim said he will faithfully implement the improvement plan promised to the Korean Stock Exchange to resume stock trading, and that the key is the selection of a preferred competitor and the appointment of a new executive.
"The most important thing is to have a new management team at the extraordinary shareholders' meeting on June 28," he said.
Gyeongnam Pharmaceutical is currently undergoing mergers and acquisitions to attract the largest shareholder, with a stake of more than 20%. The purpose is to choose the preferred bidder on May 10, sign a new share purchase agreement on May 15 and decide on a rights offer, pay a dividend on May 23, decide a temporary shareholders' meeting and hold a meeting of shareholders on June 28.
Kim also explained the countermeasures related to various managerial dispute processes and some of the rumors raised by some. However, 3 billion won, which should be deposited to date, have not returned and left a mark.
"3 billion won" is the amount that Kim invested in short-term investment products on January 29. Kim invested 3 billion won in the Key West # 38 private equity investment, which was sold by Golden Bridge Investment Securities (now Sangsin Securities).
This was the reason for the other party in the dispute. The live Flex Biogenetics filed a complaint to the police on suspicion of raising Kim earlier this month that he had a procedural problem caused by Kim. In response, Mr. Kim requested early repayment to the financial institution and said he would be deposited by that date, but did not deliver on his promise.
Kim said, "The manager and trustee have not been settled so far for procedural reasons." "(External Auditor) Samjong Accounting Corporation said that it should be collected only until the six-monthly report, but will be received as soon as possible."
"I'm sorry for worrying many shareholders," he said. "I'm trying to get you to a painting, but it's not illegal or personal." "There is a lot of data to explain the procedure," he said.
– Kim Ji-sun of Gyeongnam Pharmaceutical Co.,
Hi, I'm Kim Joo-sun, CEO of Kyungnam Pharmaceutical.
I am grateful for your continued interest in normalizing Gyeongnam Pharmaceutical and resuming stock trading. As we have already heard from the press, there was interest and participation in the process of improving our corporate governance. I think this is a market assessment of Kyungnam Pharmaceutical employees working together to normalize the company.
Our business performance and financial situation continue to improve even under difficult conditions. Sales in 1Q08 are expected to grow 11% and operating profit in 4Q04. We will increase sales by 20% by diversifying distribution channels and launching new products as of 2Q09. Foreign business teams are also making efforts to enter the Chinese market, such as sales to Yunnan Pharma.
And I will do my best to strengthen the transparency that interests shareholders and related organizations. Once the unlawful acts at the time of full-time management are confirmed, we will request that the investigation and the judicial authorities investigate. We have already made a complaint to the judicial authorities about the allegation of suspected misappropriation at the time of the former full-time manager and announced through disclosure.
The Company operates an independent audit office and discusses the company's main policies in a transparent manner through the Management Innovation Committee, which counts on the participation of external experts recommended by the shareholders' representatives. I will also do illegal acts that will be revealed in the future without exception. This includes me as a representative. We will take responsibility whenever problems arise in the management process of the company.
If we talk about the timeline in the future, we plan to announce the priority negotiation goal by May 10. The priority negotiations will be based on a comprehensive review of funding capacities and business conditions. Investors deemed suitable for resuming the Gyeongnam pharmaceutical trade will be the preferred negotiators.
If the preferred bidder agrees smoothly, the improvement of corporate governance will be completed on June 28 through a temporary general shareholders' meeting. Please see the attached schedule for a detailed timeline. I will try to overcome the difficulties in the course of your concern with the Board of Directors.
I do not forget the suffering and damage suffered by minority shareholders since the suspension last March. We believe this is the last chance to standardize Gyeongnam Pharmaceutical and we will do our best to attract the largest shareholder. To do this, we must ensure the fairness of the necessary procedures and the transparency of the results.
Founded in 1957 as a corporate philosophy, the 62-year-old company is one of Korea's leading pharmaceutical companies, with the philosophy of "contributing to people's health," the founding spirit of the founder, I would like to ask for encouragement and help to the media reporters who came to this place so that we, Gyeongnam Pharmaceutical, can become a 100-year-old company. We will do our best for this. Thank you.
– Due diligence: April 29, 2019 – May 3, 2019
– Acceptance of the proposal: 7 May 2019
– Preferred Bidders Selection: May 10, 2019
– Signature of new share purchase agreement, resolution of capital increase paid: May 15, 2019
– Payment of bonuses and resolution of an extraordinary general meeting: May 23, 2019
– Extraordinary General Meeting: June 28, 2019
Lee Dae-ho Money Today Press MTN reporter
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