Young Poong and MBK Partners, the largest shareholders of Korea Zinc (the Young Poong side), said on the 24th that they "express regret" over the court's decision to dismiss the injunction request to ban the new share issuance.
The Young Poong side stated accordingly through a statement the same day, saying, "It is difficult to see that concerns raised in this process—such as potential damage to existing shareholders' value and the fairness of the investment agreement—have been sufficiently resolved."
The Young Poong side also said it is hard to view that the financial and managerial risk factors Korea Zinc will bear in the mid to long term have been resolved, expressing disappointment with the court's decision.
The Young Poong side explained that these issues were raised out of the sense of responsibility of the largest shareholder to protect Korea Zinc's sustainable growth and the interests of all shareholders.
The Young Poong side said, "As the largest shareholder of Korea Zinc, we intend to support the U.S. Smelter construction project so that it can lead to tangible win-win outcomes not only for the United States but also for Korea Zinc and the broader Korean economy."
It added, "For a large-scale overseas strategic project to proceed stably, a governance and decision-making structure must be in place that allows management to secure sustained trust and support from the board of directors and the largest shareholder."
The Young Poong side said, "Going forward, we will make every institutional and legal effort to ensure that Korea Zinc's management centers on maximizing the long-term value of all shareholders and the company, rather than serving a specific individual or short-term interests."
The Young Poong side added, "As a responsible largest shareholder, we will continue to play a role so that Korea Zinc can grow into a trusted corporations in the global market."