Mason Capital Enters Emergency Management System

[Asia Economy Reporter Hyungsoo Park] Mason Capital has entered an emergency management system ahead of its regular shareholders' meeting scheduled for the 26th.

Mason Capital announced on the 10th through a shareholder appeal that it will exit the managed stock status and normalize management as soon as possible.

Posting a "Letter to Shareholders" on its website, the company explained that there are no issues with liquidity or cash flow and that there is no reason to doubt the going concern value. It also introduced plans to amend part of the articles of incorporation, including changing the fiscal year-end, to exit the managed stock status early before the end of March next year.

Mason Capital plans to form a restructuring task force before the shareholders' meeting to present the first measures to exit the managed stock status.

Mason Capital emphasized that the director candidates proposed by the company for the regular shareholders' meeting are the right people to normalize management. The candidates consist of experienced financial experts and industry professionals such as securities firms, savings banks, investment advisory, capital, PE, lawyers, accountants, CFA, and FRM.

Mason Capital is also pushing to amend part of the articles of incorporation to establish an audit committee. This is to ensure responsible audit activities, pursue transparent management, and ultimately achieve prompt management normalization.

Mason Capital also clarified the controversy over proxy solicitation activities. Recently, the minority shareholders' coalition has claimed that there are signs of legal violations in the proxy solicitation activities. The company emphasized that proxy solicitation activities and shareholder meeting notifications should be distinguished and that proxy solicitation activities will be conducted in accordance with the law.

It added that the inspection of the shareholder register was provided according to the court's decision considering personal information protection. The contact information claimed by the minority shareholders is not in the shareholder register.