Former ADOR CEO Min Hee Jin has informed HYBE of her intention to exercise her put option on her shares in ADOR.
According to sources within the Music industry, Min Hee Jin informed HYBE of this decision in early November. This put option is a key element of the shareholders' agreement signed by Min Hee Jin with HYBE. This option allows him to receive a payment from HYBE in the amount of 75% of ADOR's operating profit over the last two years.
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The valuation metric that Min Hee Jin uses to claim his money takes into account ADOR's figures between 2022 to 2023. During these years, ADOR, led by Min Hee Jin, recorded an operating loss of 4 billion won (-2.8 million euros) in 2022 and an operating profit of 33.5 billion won (around 22.5 million euros) in 2023.
According to ADOR's audit report released last April, Min Hee Jin owns 573,160 shares, which corresponds to 18% of ADOR. Based on these figures, Min Hee Jin should receive approximately 26 billion won (approximately 17.5 million euros) through this method.
Min Hee Jin is not the only one to have requested this from HYBE, as her former associates have made the same request, according to media reports. Former co-CEO of ADOR, Shin, and former director Kim have indeed informed HYBE of their intention to exercise their put options.
This could lead to a new legal conflict, since HYBE tried last July to terminate the shareholders' agreement signed by Min Hee Jin, but the former CEO did not recognize this attempted termination.
Source : mksports
France
Music
