hive "Urges to refrain from expressing ‘Adore’s side’" vs Min Hee-jin "Arranging an anal meeting, unfounded" -Newspim VRESP

Broadcasting/Entertainment |

(Seoul = Newspim) Reporter Lee Ji-eun = Adore CEO Min Hee-jin refuted Hive’s claim that Analyst A arranged a meeting between Adore management and foreign investors.

Shin & Sejong Law Firm, which served as legal representative for Adore CEO Min Hee-jin, said on the 16th, “The analyst in question also knew that capital increase or sale was impossible without the consent of major shareholders, so he provided review opinions related to any seizing of management rights, such as capital increase or sale. “There is no bar,” he said.





(Seoul = Newspim) Reporter Jeong Il-gu = Min Hee-jin, CEO of Adore, the agency of girl group New Jeans, is holding an emergency press conference regarding the suspicion of stealing management rights from Hive at the Korea Conference Center in Seocho-gu, Seoul on the afternoon of the 25th. 2024.04.25 [email protected]

He continued, “In the case of the meeting that was reported in the article, it was ‘a meeting of a number of listed and unlisted companies to attract investment in domestic K culture’ conducted by Analyst A. The growth of various Korean Wave companies and industries, including not only K-pop but also 7 to 8 dramas and games. “It was just one of the schedules of the program, which included experiencing the view and visiting delicious restaurants in Seoul,” he explained.

In particular, he countered by saying, “The vice-president of Adore had lunch together ahead of the Hive meeting, but it is clearly false to present it as if it was a separate investor meeting for the sale of Adore,” and added, “At the meal, he said things like ‘capital increase’ and ‘sale.’ “There was no talk about it at all, so it wasn’t even a topic to talk about because everyone knew that there was no separate investment method for Adore since Hive owned 80% of the shares.”

In particular, Mr. A said that on the afternoon of the day he had a meal with the Vice President of Adore, he met Team Leader K of Hive IR and CEO Jiwon Park and even revealed that he had a meal with the Vice President of Adore. Representative Min’s side said, “Analyst A is also an innocent member of the public. We hope Hive will stop unnecessary harassment and raising issues,” and added, “On December 9, 2023, CEO Park Ji-won discussed the contents of the shareholder agreement in a KakaoTalk conversation with CEO Min Hee-jin. “During discussions on this, if you do not trust yourself, we recommended that you review the appropriate multiple through an external advisor,” he said.

(Seoul = Newspim) Reporter Lee Ji-eun = Text message reported by Vice President Adore to CEO Min after the meeting (Photo = Sejong Law Firm) 2024.05.16 [email protected]

He continued, “CEO Min could no longer trust the words and actions of CEO Park Ji-won, who had changed his words several times, and in a situation where there was a conflict of interest between Hive and the label, Adore did not have its own legal and financial organization to review it, so a long-time acquaintance “I asked Mr. A, who was a former employee, to review the contract,” he added.

In addition, general information based on publicly available information such as “What is the appropriate multiple based on Adore’s growth and market evaluation?” and “What justification is needed to make Hive accept the negotiation plan?” He refuted, saying, “It is only a matter of receiving advice on negotiation, and it is far from a leak of confidential information or a leak of important trade secrets.”

However, Hive again refuted Representative Min’s position. Hive emphasized on this day, “Like the data that CEO Heejin revealed on his own today, such specific conversations with investment industry workers cannot proceed if it was Saddam who took over management rights.”





(Seoul = Newspim) Reporter Kim Hak-seon = BTS’ agency Hive headquarters located in Yongsan-gu, Seoul. 2022.06.15 [email protected]

He continued, “CEO Min deceived the entire nation by saying at a press conference on April 25th, ‘Bring me before me to find out who the investor was and what kind of scheme he was conspiring with,’ and deceived the entire nation as if he had never met the investor. However, the lies are being revealed one by one by evidence and facts. “We hope that everything will be clear to investigative agencies and the court,” he said.

Lastly, “We also strongly urge CEO Min not to use the expression ‘Adore’s side’ when announcing his position to the outside world. This takeover of management rights has nothing to do with the company called Adore, and is a result of CEO Min’s personal greed, and some of the executives “This is an incident caused by ‘Min Hee-jin’s side,’” he warned.

Hive began an audit on the 22nd of last month, saying it had detected allegations of breach of trust by CEO Min. Representative Min counters by saying that the breach of trust is unfounded and that Hive responded by activating its right to audit when the whistleblower was filed. Amid the ongoing conflict, Adore’s extraordinary general shareholders’ meeting will be held on the 31st. Hive is known to have submitted an agenda for CEO Min’s dismissal, and the agenda was decided at the extraordinary shareholders’ meeting at Hive’s request. However, CEO Min filed a request for a provisional injunction with the court to ban Hive from exercising its voting rights. The first hearing related to this will be held on the 17th.

[email protected]

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