We would like to inform you of former CEO Min Hee-jin's position regarding the recent injunction decision.
The court did not rule on the validity of the shareholders' agreement.
The court determined that there was no benefit to the lawsuit because even if it ordered HYBE to give business execution instructions to ADOR's directors, ADOR's directors would not be obligated to follow them.
We reiterate that the injunction was dismissed due to legal reasons related to the effectiveness of the procure clause, and that the validity of the shareholders' agreement has not been denied.
The shareholders' agreement concluded between HYBE and former CEO Min Heejin remains valid and in effect.
According to the shareholders' agreement, as former CEO Min Heejin's term as ADOR's representative director is guaranteed until November 1, 2026, she is once again requesting that ADOR's directors appoint her as the representative director at the ADOR board meeting scheduled for October 30, 2024.
If HYBE and the ADOR directors appointed by HYBE violate the shareholders' agreement by not reappointing former CEO Min Heejin as ADOR's representative director, she will actively consider whether to exercise her rights resulting from HYBE's breach of the shareholders' agreement.
This decision does not mean that the court has accepted HYBE's claims. We urge HYBE to make a wise decision for the faithful implementation of the shareholders' agreement and for the development of NewJeans and ADOR.
Source: ILGAN SPORTS