VIDI, Holds Video Conference with Minority Shareholders... "Communication Through Explanation of Company Issues"

[Asia Economy Reporter Hyunseok Yoo] VidiAi announced on the 12th that it held a public chat video conference to communicate with minority shareholders. Through answers to questions raised in online communities, the company shared its current status with minority shareholders.

This video conference was conducted non-face-to-face considering the recent resurgence of COVID-19 and the difficulty for minority shareholders located nationwide to attend. Minority shareholders who could not attend expressed various opinions through the public chat room.

VidiAi explained measures to respond to the recent stock price decline and malicious rumors that minority shareholders were concerned about. It also provided detailed explanations about lawsuits related to the plant business and new businesses such as bio and renewable energy.

Regarding the lawsuit related to Samcheonpo Thermal Power Plant, continuous negotiations are underway, and an appropriate compromise is being sought. If an agreement is reached, the portion of losses processed last year is expected to be reversed to profits this year, improving the financial statements. The first half performance is also normalizing as the results of the management transfer without any special issues.

Clinical trials for the main pipelines of ‘Ellison Pharmaceuticals (Ellison)’ related to the bio business are currently proceeding normally. Due to the nature of clinical trials, updated materials are not continuously provided, and regarding Ellison’s U.S. listing, the company asked minority shareholders for understanding about parts that cannot be discussed due to the quiet period requested by the U.S. Securities and Exchange Commission (SEC).

Additionally, VidiAi plans to proceed with the existing contracted projects as scheduled, starting with the groundbreaking of the ‘Gampo Wind Power Project’ in November this year in the renewable energy business. Along with this, it will actively participate in new project orders by expanding business alliances with specialized companies in the renewable energy sector.

Seungman Ahn, CEO of VidiAi, said, “It was a valuable time to communicate with minority shareholders about current issues through a video conference for about two hours,” and added, “If necessary in the future, we plan to listen to suggestions for company development through communication with minority shareholders at any time and have time to build consensus with the management.”

He continued, “The company requested a response at the company level to many baseless malicious comments on online communities requested by many minority shareholders,” and added, “We plan to actively review appropriate responses in consultation with a law firm.”