Hanssem's Second Largest Shareholder Teton Applies to Court for Inspection and Examination of Shareholder Register

[Asia Economy Reporter Lee Seon-ae] Teton Capital Partners (Teton), the second largest shareholder opposing the sale of Hanssem, has applied to the court for inspection and copying of the shareholder registry and the appointment of an inspector ahead of Hanssem's extraordinary general meeting of shareholders. Teton holds a 9.23% stake in Hanssem.

The US-based hedge fund Teton announced on the 23rd that it filed a provisional injunction application for inspection and copying of the shareholder registry related to Hanssem's extraordinary general meeting and an application for the appointment of an inspector at the Ansan branch of Suwon District Court.

IMM Private Equity (hereinafter IMM), a private equity fund operator, decided to acquire Hanssem by establishing a management participation-type private equity fund (PEF), but Teton has opposed this.

At the extraordinary general meeting of Hanssem scheduled for the 8th of next month, the agenda includes the appointment of seven directors, including four current executives from IMM, and amendments to the articles of incorporation.

Teton stated, "We requested the shareholder registry and the introduction of electronic voting from Hanssem, but have not yet received a response," adding, "This extraordinary general meeting is an important meeting to decide the governance structure after the sale of shares, requiring active participation from all shareholders and fair proceedings by the company."

Furthermore, Teton added, "After securing the shareholder registry, we plan to rally the general shareholders who were thoroughly excluded during the management rights sale process through proxy voting activities, expressing opposition to the major shareholder's monopolistic behavior on corporate value and demanding an independent board of directors."

Teton also claimed, "The major shareholder family of Hanssem sold their shares and management rights at a price exceeding 220,000 KRW per share, but general shareholders were excluded during this process," and "Instead, due to the risk of change in control, the stock price fell by as much as 27% compared to just before the announcement of the sale policy."

Previously, Cho Chang-geol, the founder and largest shareholder of Hanssem, signed a stock purchase agreement to transfer 27.7% of shares held by himself and related parties to IMM.

In response, last September, Teton filed a provisional injunction with the court to block IMM's acquisition of Hanssem, but the court dismissed the request.