The Korea Zinc extraordinary shareholders' meeting started about 5 hours later than scheduled, but after shareholders protested over the disclosure of the number of attending shareholders and shares, it was ultimately suspended again.
Korea Zinc opened its extraordinary shareholders' meeting at around 1:53 p.m. on the 23rd at the Grand Hyatt Seoul in Yongsan-gu, Seoul. The originally scheduled time for the meeting was 9 a.m., but the confirmation process for shareholder lists, including duplicate proxies, was delayed, and the meeting began without announcing the number of attending shareholders.
However, from the moment Park Gi-deok, President and CEO of Korea Zinc, declared the meeting open, shareholders raised objections. They noted that proceeding with the meeting without announcing the number of attending shareholders and shares violated principles and called for clear figures to be disclosed. One shareholder at the meeting stated, "All shareholders' meetings must start with the announcement of the number of attending shareholders. Where is a meeting that begins without announcing the number of attending shareholders? The fairness of the meeting can only be doubted."
Korea Zinc decided to reflect shareholder opinions and conduct the meeting again after finalizing the tally of attending shareholders and shares. Park noted, "There seems to be a technical issue. I will confirm the numbers again according to the principles."
Young Poong and MBK Partners stated, "The duplicate proxies have already been confirmed, yet the number of attending shares is not being disclosed. This indicates that corporations, which are referred to as supporters of Korea Zinc, were not present."