The regular shareholders' meeting of Hanmi Science, which will determine the fate of the Hanmi Pharmaceutical Group-OCI Group merger, began after a delay of about 3 hours and 30 minutes due to proxy vote counting. Since the direction of management control depends on the decisions of small shareholders who hold the 'casting vote,' attention is focused on what decision will be made.
On the 28th, shareholders are entering the venue of the '51st Hanmi Science Annual General Meeting' held at Syntex in Hwaseong-si, Gyeonggi-do. Photo by Jinhyung Kang aymsdream@
Hanmi Science held its regular shareholders' meeting on the morning of the 28th at the Lavideol Hotel in Hwaseong, Gyeonggi Province. The atmosphere at the meeting was calmer than expected. However, unlike the originally scheduled start time of 9 a.m., the actual meeting was delayed several times due to proxy processing and quorum reporting, and it only began at around 12:28 p.m., much later than planned.
At the meeting, only the brothers Lim Jong-yoon, Chairman of the Kori Group, and Lim Jong-hoon, former president of Hanmi Pharmaceutical, appeared from the owner family. Song Young-sook, Chairwoman of Hanmi Science, and Lim Joo-hyun, Vice Chairwoman, mother and daughter, did not attend. Chairwoman Song's absence had been anticipated due to health issues for several days, but Vice Chairwoman Lim also did not appear suddenly. It was revealed that Vice Chairwoman Lim also did not attend due to health problems.
However, in a written greeting sent to the shareholders' meeting, Chairwoman Song stated, "We aim to become a global big pharma through integration with the OCI Group," and added, "I apologize for any unnecessary conflicts that have arisen during the process, but we will never stop challenging ourselves." She also emphasized, "The integration will allow us to actively invest in promising new drug development companies and ventures, and we may also pursue mergers and acquisitions (M&A)."
Jong-yoon Lim (second from left), President of Hanmi Pharmaceutical, and Jong-hoon Lim (third from left), CEO of Hanmi Fine Chemical, are attending the '51st Hanmi Science Annual General Meeting of Shareholders' held on the 28th at Syntex in Hwaseong, Gyeonggi Province. Photo by Jinhyung Kang aymsdream@
The Lim brothers, Jong-yoon and Jong-hoon, appeared at the meeting venue before the scheduled start time. However, both did not respond to reporters' questions and quickly entered the meeting hall. Among the key figures on the integration side, only Lee Woo-hyun, Chairman of OCI Group, appeared. Chairman Lee actively responded to reporters' inquiries but said, "I am not yet an insider," adding, "Shareholders will make a good judgment, and there will be opportunities to speak later," withholding further comments.
The core issue of the meeting was the appointment of new directors. The side that wins here will immediately take control of the Hanmi Science board of directors. Currently, the Hanmi Science board consists of only four members from the mother-daughter side. The brothers proposed a shareholder proposal to appoint a total of five directors, including themselves. The mother-daughter side responded by proposing to appoint six additional directors, the maximum allowed by the articles of incorporation.
On the 23rd, Shin Dong-guk, chairman of Hanyang Precision and the largest individual shareholder, expressed support for the brothers, seemingly giving them an advantage in shareholding. However, on the 26th, the National Pension Service's Stewardship Committee sided with the mother-daughter side, reversing the situation. When combining all shares expressing support for both sides, the friendly shares secured by each side before the meeting started were reportedly only about 1 to 2 percentage points apart.
The remaining shares held by small shareholders have emerged as the casting vote in this shareholders' meeting. Shareholders who showed enthusiasm by attending the meeting in person expressed various opinions. Mr. No Young-geun (63) said, "So far, Chairwoman Song has done nothing for the shareholders, so I don't trust her," adding, "I have firmly decided to support the eldest and second sons, and whether Chairman Lim's words are possible or not, I will trust him." Mr. Kim Jin-young (76) said, "Isn't it too much for the family to be fighting among themselves?" and added, "I have not decided my stance on the integration yet. I will decide after observing the progress of the meeting."
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