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“The issuance of new shares is a necessary decision to achieve management objectives”
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(Seoul = Yonhap News) Reporter Hwang Jae-ha = Private equity fund KCGI filed for an interim injunction in response to Hanjin Kal’s capital increase for Korean Air’s acquisition of Asiana Airlines, but the court did not accept it.
The 50th Civil Settlement Division of the Seoul Central District Court (Senior Judge Seung-ryun Lee) rejected an interim injunction request against the issuance of new shares issued by Grace Holdings, an investment company under KCGI, against Hanjin Kal .
The judge explained the reason for the decision: “It appears that the issuance of new shares was carried out to the extent necessary to achieve the purpose of managing Hanjin Kal’s acquisition of Asiana Airlines and the integrated management of the airline in accordance with the Commercial Act and the Hanjin Kal Statute “.
He said: “It is difficult to see that it is issuing new shares to achieve the purpose of defending the management and control rights of Hanjin Kal’s current management.”
As a result, Hanjin Kal’s capital increase of 500 billion won in favor of a third party is expected to proceed as planned.
Previously, KDB had decided to invest 800 billion won in Hanjin Kal for the integration of the two airlines, of which 500 billion won will participate in a paid capital increase assigned to a third party to receive new shares.
On the 18th of last month, KCGI, which formed a so-called “ three-party alliance ” (shareholders’ association), and was in conflict with President Won-tae Cho as the majority shareholder of Hanjin Kal over management rights , filed an interim injunction with the court on 18 last month, asking the court to ban the issuance of new shares.
Tripartite alliances, including KCGI, protested, arguing that KDB’s investment in Hanjin Kal is a means of defending President Cho’s management and control rights.
However, the court found that “Han Jin-Kal’s acceptance of the proposal is a matter that can be sufficiently selected at the discretion of management’s judgment.”
Furthermore, “To achieve the purpose of industrial policy, it appears that it has been necessary to reorganize the overall structure of the aviation industry by participating in and overseeing the management of Hanjin Kal as a shareholder. It’s done.”
The judge added: “In order for Hanjin Kal to achieve the purpose of this transaction, which is the acquisition of Asiana Airlines and the integrated management of the airlines, large-scale public funding should be a prerequisite after the issuance of new shares. . It is a possible option to refuse San Eun’s request (equity interest). I can’t see it. “
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2020/12/01 14:58 sent
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