The second-largest shareholder of UANGEL, The One MTS, sent a shareholder letter requesting small shareholders of UANGEL to delegate their voting rights. The One MTS holds about 7.2% of UANGEL shares and declared its participation in management rights last month while in a dispute over management control with the largest shareholder.

The One MTS noted on the 21st that it had sent an open letter requesting small shareholders to delegate their voting rights on the shareholder action platform "Act" ahead of UANGEL's regular shareholders' meeting on the 28th. A representative of The One MTS said, "The company will urge the management to institutionalize shareholder return measures that have long been neglected and to engage in transparent management to restore market trust."

The One MTS claimed in the letter that "UANGEL has not paid any dividends in the past eight years since 2011" and stated, "Despite this, the registered directors have received large compensation regardless of the company's performance." The One MTS mentioned that the total amount of accumulated compensation received by the directors during the period without dividends was 9.6 billion won. It also pointed out that the company has not held a corporate briefing since 2015.

The One MTS raised suspicions about UANGEL's share buyback process. The One MTS stated, "Although last December, it purchased its own shares under the pretext of 'stabilizing the stock price and enhancing shareholder value,' it is questionable whether it is actually being misused for management control defense, as about 700,000 shares could be utilized by the management at any time."

The One MTS announced plans to strengthen responsible management by pursuing ▲ the appointment of a new board of directors and auditor to realize responsible management ▲ pushing for dividends of at least 20 billion won per share ▲ buying back or canceling all treasury shares ▲ regularizing investment explanation (IR) activities, among other measures. As of that day, the percentage of small shareholders who delegated their rights to Act was 9.38% (147 people).

The One MTS emphasized, "This regular shareholders' meeting is a crossroads that will determine whether UANGEL will become a company centered on shareholder value," urging small shareholders to rally on Act and exercise their shareholder rights.