Korea Zinc shares were up more than 6% early on the 24th. Buying appears to be flocking in after Korea Zinc decided to put on the agenda of its regular shareholders meeting a plan that largely accepts proposals from major shareholders.
As of 9:49 a.m. that day, Korea Zinc stock was trading on the main board at 1,829,000 won, up 6.15% (106,000 won) from the previous day.
At an extraordinary board meeting the previous day, Korea Zinc decided to submit to the regular shareholders meeting all of the proposals from Young Poong and MBK Partners, which have been in a management control dispute for more than a year, except for the item on appointing a temporary chair.
Korea Zinc finalized as regular shareholders meeting agenda items: ▲ codifying in the articles the protection of minority shareholders ▲ clarifying the requirements for independent directors within the board and changing the title ▲ introducing directors' duty of loyalty.
It also decided to table a cash dividend of 20,000 won per share and a plan to convert 917.7 billion won in discretionary reserves into retained earnings available for distribution. The amount is more than twice the size proposed by Young Poong and MBK Partners.
At the board meeting that day, resolutions were also made on reports of this year's sustainable management plan, the compliance officer's work, the plan to dispose of treasury shares, and the establishment of a safety and health plan.