Lim Jong-hoon, Hanmi Science CEO, Able to Exercise Voting Rights at Hanmi Pharm Shareholders Meeting

Court Dismisses Injunction Request to Prohibit Voting Rights Exercise Filed by Four-Person Coalition

The provisional injunction filed by the '4-person alliance' to restrict the exercise of voting rights by Lim Jong-hoon, CEO of Hanmi Science, at the Hanmi Pharm extraordinary general meeting of shareholders was dismissed.

According to Hanmi Pharm on the 17th, the Suwon District Court dismissed the provisional injunction filed by the 4-person alliance, including Song Young-sook, Chairwoman of the Hanmi Pharm Group, and Killington Limited, seeking to prohibit the exercise of voting rights based on the sole decision of CEO Lim.

Earlier, the 4-person alliance filed a provisional injunction requesting to prevent the exercise of voting rights of approximately 41.42% of shares held by Hanmi Science at the Hanmi Pharm extraordinary general meeting scheduled for the 19th in a manner contrary to the interests of the company and its shareholders. They also claimed that CEO Lim intended to exercise voting rights unilaterally without a board resolution.

In response, the court stated, "Since the Hanmi Science board of directors already discussed and voted 4 to 5 on the agenda to withdraw the request for convening the extraordinary general meeting on October 23, there is room to consider that a board resolution has already been made regarding this extraordinary general meeting," and dismissed the provisional injunction.

Accordingly, CEO Lim will be able to exercise voting rights at the Hanmi Pharm extraordinary general meeting on the 19th. The agenda for this extraordinary general meeting includes the dismissal of four directors, including Park Jae-hyun, CEO of Hanmi Pharm, and Shin Dong-guk, Chairman of Hanyang Precision and non-executive director.

The 4-person alliance issued a statement saying, "We respect the court's judgment," but added, "It is meaningful that the court explicitly cited the point that the CEO cannot unilaterally decide on the exercise of voting rights over subsidiaries, which are important assets of the company."