Samuel Tak Lee fails to oust Shaftesbury senior execs and threatens legal action

Hong Kong billionaire Samuel Tak Lee has threatened legal again against Shaftesbury after failing to axe three senior board members at the group’s annual meeting (AGM). He claims that a £265 million fundraising push carried out in December 2017 was part of a strategy to dilute shareholders and prevent him from staging a takeover bid.

Lee was defeated in his vote against the reappointment of the group’s chief executive, chairman and finance director. However, he successfully defeated three special resolutions — to give directors authority to disapply pre-emption rights, disapply pre-emption rights for an additional 5% in connection with an acquisition or specified investment, and call a general meeting other than an AGM on not less than 14 days’ notice — which all required 75% approval.

In a statement regarding the difficult AGM, Shaftesbury said: “The company is disappointed that Mr Lee has voted against these resolutions and will continue to attempt to engage directly with him. An update will be made in accordance with the UK Corporate Governance Code within six months of the AGM.”

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