Venue G 2nd Largest Shareholder Super Gaemi Proposes Shareholder Motion Ahead of AGM... "Recommendation to Oppose Establishment of Audit Committee"

Super individual investor Bae Jin-han, the second largest shareholder of Venue G, requested shareholders to attend the general meeting and delegate voting rights through an open letter. Venue G is preparing for an extraordinary general meeting on the 22nd to establish an audit committee and appoint outside directors.

Bae Jin-han, CEO of Noblesse Investment, stated, “As a shareholder (including related parties holding 9.04%) who has steadily increased shares for 16 years believing in Venue G’s high intrinsic value and growth potential, I can no longer stand by the management’s ignorant investment failures and unilateral management,” adding, “I ask you to lend your support, even if it is just one share, to propose transparent management for the purpose of checking the major shareholder and protecting shareholder rights.”

In July, Venue G cut losses on some of its Samsung Electronics shares for 25.84069 billion KRW and immediately invested in a secondary battery company, resulting in significant losses. Due to the sharp decline in secondary battery stocks right after the purchase, the estimated current loss ranges from approximately 10 billion to 20 billion KRW. As of the third quarter of this year, about 75 billion KRW was invested in listed stocks, but the total estimated loss amounts to around 20 billion to 30 billion KRW.

CEO Bae said, “Chairman Kim Man-jin of Venue G declared at a shareholders’ meeting about five years ago that he would never invest in stocks again, but despite this, he continued reckless stock investments through unilateral decisions, causing losses to the company,” and added, “Besides investment failures, there have been several cases where Venue G incurred losses to prevent damage to affiliated companies.”

He continued, “Proper checks and monitoring must be in place to improve the current situation and ensure transparent management,” emphasizing, “The audit committee and outside director candidates proposed by the major shareholder side at this extraordinary general meeting are nothing more than puppets who do not meet the qualifications of accounting and financial experts.”

According to the shareholder proposal, CEO Bae opposed agenda items No. 1 partial amendment of the articles of incorporation, and Nos. 2-1, 3-1, 4-1, and 4-2, while recommending approval for the remaining agenda items.

He said, “I have carefully selected socially trustworthy and accounting-proficient individuals for the shareholder proposal, so I earnestly ask you to exercise your precious vote by attending the general meeting or delegating your voting rights.”