Choi declined to comment when asked if he and his allies have a plan to buy Korea Zinc’s stocks in the market or secure more white knights, saying “Let’s see.”REGRETS RIGHTS ISSUE PLANHe regretted a rights offering, which Korea Zinc had sought to secure more shares in the battle with MBK and Young Poong.Korea Zinc on Oct.30 said it will raise 2.5 trillion won in a rights issue in December following its share buybacks and allocate 20% of them to its employees, a move aimed at repaying debts used for its recent share buybacks in the management feud with the MBK coalition.
CONVINCE OTHER SHAREHOLDERSChoi is persuading other shareholders such as South Korea’s National Pension Service (NPS) with a stake 7.83% stake as of end-June to support the currency management, saying those shareholders are unlikely to back MBK and Young Poong.“Will swing voters choose them, given the management capabilities of Young Poong and MBK? ” he said.“We will convince NPS, foreign investors and individual shareholders to vote for the management that can lead Korea Zinc well.”Korea Zinc reported an operating profit of 150 billion won on a consolidated basis in the third quarter, while Young Poong, which also smelts non-ferrous metals such as zinc, logged a loss of 17.9 billion won, Choi said.
I am confident I can win,” Choi told The Korea Economic Daily in an exclusive interview, vowing to fight to the end.“We are developing strategies to defend the management control with various people while convincing shareholders to change their minds.”The remarks came as North Asia-focused private equity firm MBK and Korea Zinc’s top shareholder Young Poong Corp.are expected to take control of the smelter after the company withdrew its 2.5 trillion won ($1.8 billion) rights issue.
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