"Stock Price Halved After Five Years of Decline" Wemade Shareholders Demand Treasury Share Cancellation at Company Headquarters

[Financial News]  Small shareholders of Wemade are said to have protested against the company’s prolonged stock price slump by visiting its headquarters in person and demanding more aggressive shareholder return policies.
According to Edaily on the 8th, Wemade’s small shareholders visited the company’s headquarters in Seongnam, Gyeonggi Province, on the 2nd and delivered a list of 12 demands, including treasury share buybacks and cancellations, as well as limits on executive compensation.
The shareholders called for treasury share buybacks and cancellations worth more than 3% of outstanding shares, disclosure of the development status of the new title "Night Crows 2," and limits on executive salary and bonus increases through 2027. They also urged the company to hold a meeting where management and shareholders could speak directly, as well as an AMA (Ask Me Anything).
The shareholders said the company had announced in March, through its plan to enhance corporate value, that it would use 10 billion won in cash dividends or 20% of consolidated operating profit as a source for shareholder returns. However, they argued that stronger measures are needed to revive the stock price.
As of the close of trading that day, Wemade’s stock stood at 17,150 won, down 45.98% from a year earlier and 39.40% from five years earlier.
The company said it is reviewing the shareholders’ demands.
A Wemade official said, "We are closely reviewing the shareholders’ opinions," adding, "It is difficult to say at this point whether the proposals are feasible, as additional communication with shareholders is needed."
Wemade also faced strong shareholder backlash over its weak stock performance at its Annual General Meeting of Shareholders (AGM) in March. At the time, CEO Park Kwan-ho held an impromptu meeting for more than an hour after the AGM ended in an effort to calm investors.
y27k@fnnews.com Seo Yoon-kyung Reporter