Nominates Two Respected Korean Business Leaders � Including the CEO of LG H&H and the Former CEO of Prudential Life Korea for Election to the Companys Board of Directors
Shares Detailed Additional Proposals, Including a Spin-off of KT&Gs Ginseng Business, a Share Buyback Increase and Dividend Issuance, and the Establishment of a Compensation Committee
Visit www.FlashlightCap.com to Learn How to Support Flashlight Capitals Shareholder Proposals at KT&Gs 2023 General Meeting
SINGAPORE–(BUSINESS WIRE)–Flashlight Capital Partners Pte. Ltd (Flashlight Capital or we), a significant long-term shareholder of KT&G Corporation (KRX: 033780) (KT&G or the Company), today issued the below letter to shareholders outlining the proposals Flashlight Capital is putting forth for consideration at the Companys 2023 Annual General Meeting of Shareholders (the General Meeting). Notably, Flashlight Capital has nominated two highly qualified candidates for election to the Company’s Board of Directors (the Board).
Flashlight Capital encourages shareholders to visit www.FlashlightCap.com to learn how we plan to help KT&G deliver enhanced value to all stakeholders.
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January 18, 2023
Dear Fellow Shareholders,
Flashlight Capital is an Asia-based investment management firm that is focused on improving corporate governance and unlocking long-term value at its portfolio companies. We have been long-term investors in KT&G because of its exceptional assets, including well-established businesses that operate in sustainable, high-potential markets.
Over the past several weeks, Flashlight Capital has had the privilege of engaging in thoughtful conversations with many of you. We are encouraged by your supportive words and ideas for ways in which we can help close the unprecedented discount at which KT&Gs shares trade. It seems we share a unified view that if KT&G can drive improved financial returns, it will support better outcomes for all of the Companys stakeholders.
Today, we are writing to make you aware that Flashlight Capital plans to submit formal proposals for shareholders to vote on at the 2023 General Meeting. We believe these initiatives will help improve KT&Gs governance and support efforts to unlock up to 100% share price upside over the coming quarters. It is clear to us new perspectives are urgently needed in the Companys boardroom and the time for investor-driven change is now. It is Flashlight Capitals honor to be firmly aligned with you and to represent shareholders interests by putting forth the following proposals:
In the coming weeks, we intend to issue a public presentation to provide the market with a very clear sense of our plan to unlock the Companys full value by improving KT&Gs governance, operations and performance.
We thank you in advance for your consideration and willingness to evaluate our proposals. To learn more about our plan to help catalyze positive change at KT&G, visit www.FlashlightCap.com.
Sincerely,
Sanghyun Lee
Managing Partner
Flashlight Capital Partners
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DIRECTOR CANDIDATE BIOGRAPHIES
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About Flashlight Capital
Flashlight Capital Partners Pte. Ltd is an investment management firm founded by Carlyle Groups former Head of Korea, Sanghyun Lee. Based in Singapore, Flashlight Capitals investment philosophy is grounded in improving corporate governance and unlocking long-term value at its portfolio companies. For more information about Flashlight Capital, please visit www.FlashlightCap.com.
1 LG H&Hs adjusted share price as of market close on January 1, 2005 to January 16, 2023 realized gains of approximately 2,833.4%.
Contacts
For Investors
Flashlight Capital Partners
contact@flashlightcap.com
or
For Institutional Investors
Georgeson
Savoy Lee
asia.engagement@georgeson.com
For Korean Media
Strategy Salad
Louis Kim
jhkim@strategysalad.com
For U.S. Media
Longacre Square Partners
Greg Marose / Charlotte Kiaie
flashlightcapital@longacresquare.com
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