[Alpha Biz= Reporter Kim Jisun] Former ADOR CEO Min Hee-jin exercised a put option on her ADOR shares with HYBE, reportedly valued at around 26 billion KRW.

According to industry sources on the 14th, Min notified HYBE of her put option exercise earlier this month. Based on her shareholder agreement, Min can receive an amount from HYBE equal to 13 times ADOR's average operating profit over the last two years, adjusted by 75% of her ADOR shareholding ratio. As of last year, Min owned 573,160 ADOR shares, which represents an 18% stake in the company per ADOR’s audit report.

By exercising the put option this month, the calculation is based on ADOR’s financial performance in 2022 and 2023. ADOR recorded a 4 billion KRW operating loss in 2022 and a 33.5 billion KRW operating profit in 2023. This calculation suggests Min is eligible to receive around 26 billion KRW from HYBE. Two other ADOR executives close to Min, former deputy CEO Shin and former director Kim, are also reported to have notified HYBE of their put option exercise on the same day.

However, it is likely that Min will face legal proceedings to secure the payout, as HYBE notified her in July of its intention to terminate the shareholder agreement supporting the put option, citing trust issues. Min has refused to accept this termination.

 

 

[ⓒ 알파경제. 무단전재-재배포 금지]