World Domination through Planet Development - Chapter 103
Only Krnovel
Episode 103. Extraordinary Shareholders’ Meeting
An extraordinary general meeting of shareholders convened in the name of overseas hedge funds.
The first one to be in an uproar was Daehyun Motors, the party in question.
Since the board of directors of Daehyun Motors received a direct request to convene an extraordinary general meeting of shareholders, those who know who it is cannot help but be surprised.
This was immediately reported to Chairman Jang Woo-sun, and the call for a shareholders’ meeting was accepted. It was natural, as it seemed obvious that if it was not accepted, they would rush to court.
If a shareholders’ meeting is held, whether temporary or regular, the first duty to be performed is to notify it.
Even if you are a shareholder with only one week, if the computer system has verified that there are no problems just before the notification, a notice will be sent without fail.
And as news of a temporary shareholders meeting spread through the community, people’s suspicions grew. The stock price, which was about to die down, also began to rise again.
Title: Is this true?
I hold Daehyun Motors stocks, and I received a notice of a temporary general meeting of shareholders. But it says that the purpose is to amend the articles of incorporation regarding the composition of the board of directors and to make financial decisions. What is this all of a sudden?
-Really? This really seems like something.
-I didn’t come.
└When did you buy it?
└Me yesterday.
-Board composition? Haha, this is really questionable.
-I came too. I don’t think I can go, so I’m going to participate online.
The date of the shareholders’ meeting was approaching amidst growing suspicion among the people.
* * *
On the day of the extraordinary general meeting of shareholders.
Daehyun Motors headquarters.
The shareholders’ meeting was scheduled to be held in the main auditorium of Daehyun Motors’ headquarters building.
It is the place that has always been used as a place for general shareholders’ meetings.
Bustling and bustling.
The headquarters was full of outsiders. These days, online participation is easy, but there are still many people who attend in person.
That must be because they were curious about who had called the shareholders’ meeting today. That’s why there were quite a few people around who appeared to be reporters.
“It’s Chairman Jang! Chairman Jang!”
“where?”
Click! Click!
Reporters began taking pictures of Chairman Jang Woo-sun, who had personally visited the shareholders’ meeting.
“Mr. Chairman! Is it true that we are being attacked by foreign hedge funds again? Do you know who they are?!”
Chairman Jang Woo-seon pauses for a moment when asked a question by a reporter.
The attention of the audience was focused.
“Won’t you find out soon enough?”
Chairman Jang casually blurted out a word and then started walking again with his attendants.
In the meantime, their attention was briefly focused on Chairman Jang Woo-sun.
A young man of ordinary appearance who appeared late.
It was Jungwoo.
Since I came dressed so casually and didn’t have anyone with me, no one has recognized me yet.
Jeongwoo walked quickly toward the desk.
I stopped at the desk in the lobby where I went through a simple shareholder verification process before entering.
“Hello. Let me just check for you.”
A female clerk at the desk asks for identification along with a polite greeting.
Jeong-woo took out his ID and a crumpled power of attorney from his pocket and handed them over.
Swish.
The female employee looks over the ID.
Cheon Jeong-woo…?
A glance.
The female employee raises her head again and looks at Jeong-woo’s face when she hears the name she has heard many times.
Huh.
The female employee who saw his face was momentarily surprised, but skillfully kept it a secret and lowered her head to continue checking the power of attorney.
The power of attorney was thick because it had several pages.
Swish.
As she unfolds her power of attorney, a list written in English catches her eye. Even at first glance, it doesn’t look ordinary.
Clearly, this was a foreign investment company that had been warned in advance.
The problem is that this was in the hands of a man named Cheon Jeong-woo.
Is CEO Cheon Jeong-woo holding a power of attorney from overseas investment companies?
“Huh…!”
This time, the surprise comes out as a voice.
At this, the employees who were helping others check also glanced over to see what was going on.
“Why? Is there a problem?”
Jungwoo, who was watching, asked her.
“Ah… no. It’s been confirmed.”
“thank you.”
After Jungwoo passes by after saying hello, the employee hurriedly calls someone.
After finishing his confirmation, a reporter confronted Jungwoo head-on as he turned around.
And Jungwoo passes by him.
The reporter, who had been tilting his head, called out cautiously.
“CEO Cheon… Jeongwoo?”
Swish.
Jungwoo looks back naturally as if he had been waiting.
“Yes, what’s going on?”
“Huh?! Are you CEO Cheon Jeong-woo?”
“Yes, that’s right.”
The reporter was then surprised and delighted to find out that his guess was correct.
“Why are you here, sir?”
“Me? Of course, I came to exercise my rights as a shareholder.”
Jungwoo answered as if asking the obvious question and headed back to the auditorium where the shareholders’ meeting was being held.
“What…? You’re Cheon Jeong-woo?”
“There it is!”
People who make a fuss late.
With the existing suspicions and the person named CEO Cheon Jeong-woo joining in, reporters began to freely imagine the inside story and ask him questions.
“Sir, are you here to acquire and merge Daehyun Motors?!”
“Are the overseas investment companies owned by CEO Cheon Jeong-woo?!”
However, Jeong-woo did not answer them one by one and quickly moved to the auditorium.
* * *
“Mr.… Mr. Chairman!”
“Are you here?”
Chairman Jang Woo-seon was waiting in a temporarily prepared waiting room.
I knew they were here when I saw the male director coming in in a hurry.
“Yes! But… that is… .”
“Don’t hesitate and speak quickly.”
Chairman Jang Woo-seon immediately reprimands him.
“This is CEO Cheon Jeong-woo.”
Chairman Jang Woo-seon frowned at the mention of Cheon Jeong-woo. However, he did not look that surprised.
“…I see.”
“Did you know?”
The director asks, seeing that Chairman Jang Woo-seon looks somewhat calm.
“How could you have known that it was me? Let’s just go in.”
“Yes, sir.”
* * *
“The Daehyun Motors extraordinary shareholders’ meeting will now begin.”
The moderator announced the start of the shareholders’ meeting.
After the opening ceremony of the shareholders’ meeting was over, the actual agenda handling process began.
“Regarding the agenda to amend the articles of incorporation regarding the composition of the board of directors….”
Knock. Knock. Knock.
The executive director presiding over the shareholders’ meeting struck the gavel.
Unlike when the stock price of Daehyun Motors fell in the past, it was possible to proceed in a calm atmosphere without any uproar.
“Then, we will now begin voting.”
And then the voting takes place in real time.
Although electronic voting has been around for quite some time, real-time voting still has low turnout.
Nevertheless, the turnout for this extraordinary shareholders’ meeting of Daehyun Motors was quite high, showing a lot of interest from people.
As the voting situation was being broadcast, there was someone who calmly raised his hand.
It was Chairman Jang Woo-seon.
“Yes, please speak.”
And a word from Chairman Jang Woo-seon.
“I object.”
As electronic voting is conducted, those attending the general meeting of shareholders also participate in electronic voting.
Even though they provided the convenience of being able to participate by providing equipment directly on site, he raised his hand and expressed his opinion.
Is this an attempt to increase shareholder approval ratings?
“Ah… yes. I see. There were votes against.”
It was a statement that seemed a bit meaningless, but the person being spoken to was Chairman Jang Woo-sun. Since he couldn’t just ignore it, the director in charge responded appropriately.
And then, soon, another person raises his hand.
It was Jungwoo.
“You may speak.”
“I agree.”
A statement that is no different from what Chairman Jang Woo-seon said.
“… I understand. There are also those who agree.”
The two people shouted their approval and disapproval in succession, as if they were engaging in a war of nerves.
These were the two people with the most stake in it.
After a short vote on a few items, the result was that the proposal to increase the number of directors was rejected by a narrow margin, and the items that were moderately beneficial to shareholders were passed.
The meeting ended with a result that neither of them was particularly pleased with, and Chairman Jang Woo-seon requested a face-to-face meeting with Jeong-woo.
After that, the two people met while avoiding people.
“You don’t seem all that surprised.”
Jeong-woo said after seeing the calm expression on Chairman Jang Woo-seon’s face.
“How could that be? The company almost fell into ruin without me knowing it.”
“You’re just passing it by. What’s so great about increasing the number of board members by two?”
“Oh, dear… Is increasing the number of board members the end of it? If that’s all there is to it, I have no reason to object. But are you planning on appointing just anyone to the additional board? Of course not. Are you sure there won’t be any other demands in the future? That doesn’t seem to be the case either.”
Chairman Jang Woo-seon asked in a sarcastic tone, looking at Jeong-woo speaking nonchalantly.
“Well, of course not.”
“Then how could I accept Representative Chun’s request?”
Chairman Jang asked in an aggressive tone, as if he was very angry. Jeong-woo asked.
“Then can I take it to mean that you have no intention of compromising with me?”
“Ahem… .”
No, I don’t think so. If I had, I wouldn’t have even thought about creating this place.
“Look at that. If I continue to interfere in management with my stake, it’s a well-known fact that even the chairman who controls the board of directors will have a hard time.”
Yes, even if he maintains management rights for now, the stake he holds cannot be ignored.
Even though the board of directors is the highest management body, in a stock company, the share is even higher. And it is not just a small amount.
If he kept nagging at the shareholders’ meeting about the board of directors’ resolutions, many agenda items could have been rejected by just a single margin.
This will be especially true when the agenda items are disadvantageous to minority shareholders. This is because, in the course of management, there are times when sacrifices are forced upon them.
“I don’t ask for anything else. Just give me the management rights to Ace Motors.”
“Ace car…?”
Chairman Jang asked with a puzzled look.
“Yes, the Ace car.”
“…Are you talking about the management rights of Ace Motors?”
Nod.
Jungwoo nods his head as if to say yes.
“Or maybe it wouldn’t be a bad idea to spin off the affiliates while we’re at it. How about exchanging my Daehyun Motors and Daehyun Mobitz shares, and Ace’s Daehyun Mobitz shares for your Ace shares and Daehyun Motors’ Ace shares?”
A suggestion made slyly and casually.
Although it was explained simply, the idea was to change the circular investment structure of the three companies into a circular investment structure of two companies, Daehyun Motors and Daehyun Mobis, and completely separate Ace from the Daehyun Motors Group.
Although it was not specifically mentioned, it is likely that the intention is to dispose of all shares of Daewoo Motors Group affiliates within Ace Motors.
In other words, if they give up Ace Motors, other companies in the Daewoo Motors Group will be completely abandoned.
… … !!
But at that moment, Chairman Jang Woo-seon felt an eerie feeling.
An intuition flashed through his head that he should never separate from the group.
this guy….
If the affiliates are separated, Daehyun Motors will be completely destroyed.
It’s a bit odd to say that he’s being kicked out since he’s already sold all of his shares, but in any case, he’s going to completely get out of Daehyun Motors.
It was clear that they would probably break the contract for batteries and motors currently being supplied to Daehyun Motors. If they broke the contract without permission, they would have to pay a huge penalty, but this guy probably wouldn’t care about that.
I had a feeling it would be like that. Isn’t that the guy who poured trillions of won into equity for an M&A that wasn’t even certain? Maybe even more.
“Let’s not separate the affiliates.”
The thought was short.
Chairman Jang Woo-seon pauses for a beat and then answers decisively.
Jungwoo’s expression changed slightly. He seemed quite surprised by his decision.
“Oh… really? I might target Daehyun Automobile Group again at some point… Is that okay?”
However, Chairman Jang Woo-sun judged that there was a better chance of winning than losing everything.
“Ace is like my child, whom I have put a lot of effort into… I can’t just throw him away.”
Chairman Jang Woo-seon speaks as if he has developed affection for one another.
However, he was clearly not the type of person to feel such petty emotions. However, Jeong-woo did not show it either.
“I see. Well, that’s understandable. Just in case, give me just the Ace shares. I’ll give you my Daehyun Motors shares for the same price.”
Chairman Jang Woo-seon hesitates for a moment over Jeong-woo’s other proposal.
It was a circular investment structure anyway.
The Ace Motors shares he personally owns are only 2%. His influence over Ace Motors was already exercised through the shares owned by Daehyun Motors. So, that amount is not unreasonable.
“…great.”
With this, the two reached a suitable compromise.
They agreed to stop further share purchases and interference in each other’s management rights, except for Jungwoo’s purchase of Ace shares. Of course, it was made clear that Chairman Jang Woo-sun also had that authority.
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