On March 18, 2024, City of London Investment Management Company Ltd and Whitebox Advisors LLC announced that they have commented on the outcome of the Samsung C&T Corporation?s March 15, 2024, Annual Meeting of Shareholders, where the City of London Investment Management Company submitted shareholder proposals for (i) an increased dividend, and (ii) a share repurchase program, and based on the preliminary results, they have estimated that a majority of unaffiliated shareholders supported higher shareholder returns. In addition, City of London Investment Management Company stated that it intends to remain long-term holders of the Company because it believes in its immense potential, the results of the Annual Meeting demonstrate that minority shareholder interests can no longer be sidelined, and it will seek to work with the Company?s board of directors to help ensure that Company can begin valued like the true powerhouse it is.
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