Adoer to Hold Board Meeting on the 10th... Turning Point in Hive vs Min Heejin Conflict

Board Expected to Discuss Proposal on Convening Extraordinary General Meeting

As the conflict between HYBE and its subsidiary ADORE CEO Min Hee-jin continues for nearly two weeks, the ADORE board meeting, which is expected to be a turning point in the situation, will be held on the 10th.

According to the music industry on the 7th, ADORE will hold a board meeting at 9 a.m. on the 10th at an undisclosed location in Seoul. The agenda for the board meeting is known to be the convening of an extraordinary general meeting of shareholders.

Min’s side stated at the hearing for the application to convene an extraordinary general meeting held at the Seoul Western District Court on the 30th of last month that they will hold a board meeting by the 10th of this month and an extraordinary general meeting by the end of this month.

This board meeting schedule is about one to two weeks earlier than the plan HYBE is pushing through the court’s approval for convening an extraordinary general meeting, which is interpreted as Min’s side showing their determination not to lose control.

However, it is not yet specifically known what agenda items ADORE will bring up at the extraordinary general meeting.

Given that HYBE holds an 80% stake in ADORE’s governance structure, it will be difficult to prevent the proposal and approval of the CEO dismissal motion if the extraordinary general meeting is held. However, Min’s side may also submit opposing agenda items as a form of protest, considering public opinion and other factors.

Currently, the ADORE board consists of CEO Min, Vice President Shin, who is a close associate of Min, and Director Kim. If they decide to convene the extraordinary general meeting at the board meeting, considering that it takes 15 days to notify the convening, the earliest possible date for the ADORE extraordinary general meeting is expected to be the 27th.

Previously, HYBE has demanded the convening of an extraordinary general meeting to replace CEO Min and other ADORE executives. If the ADORE board refuses to convene the extraordinary general meeting contrary to their promise, it is expected that the court will approve the convening of the extraordinary general meeting on the 13th.