Some were wondering how exactly MHJ could get Ador out of Hybe with the current share structure. This is what kmedia is now saying:
Accordingly, in the industry, Adore executives, including CEO Min, are predicting the possibility of a third-party paid-in capital increase attempt. As Adore is an unlisted company, a third-party paid-in capital increase can be carried out with only a resolution from the board of directors. This is a picture of diluting Hive's shareholding through a large paid-in capital increase and then taking shares from friendly financial investors ( FI ).
An IB industry official said, "It is not easy to understand how CEO Min tried to take over management rights in a situation where the stake is only 18% and the largest shareholder's stake is 80%," but added, "The most likely scenario is a large-scale third party paid-in. “We will dilute our shareholding through capital increase and become the largest shareholder,” he said. He added, "If a large-scale paid-in capital increase is attempted, not only Hive's shareholding ratio but also CEO Min's shareholding will be diluted, but if FI is a friendly shareholder of CEO Min, it will be possible to raise sufficient shares through a side contract."
In a stock company, the composition of the board of directors is more important than the shareholding structure because management rights can be shaken by the decisions of the board of directors. Previously, in September 2023, Adore's board of directors was completely filled with 'Min Hee-jin's division'.