Welcome to
MORGAN PRYCE’S KNOWLEDGE CENTRE


Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.

Enter

Shaftesbury's fundraising freedom curtailed after vote by largest shareholder - Morgan Pryce

Shaftesbury's fundraising freedom curtailed after vote by largest shareholder
7th March 2018

Shaftesbury’s fundraising freedom curtailed after vote by largest shareholder

Real estate giant Shaftesbury PLC, which owns much of the property around London’s West End, has recently suffered a potential setback in terms of its funding. The company’s biggest shareholder, Hong Kong billionaire Tak Lee, has voted to block two motions that would have enabled the firm’s directors to ignore certain pre-emption rights. Pre-emption rights usually allow shareholders first refusal regarding new shares, but they can be waived in some cases, enabling a company to raise funds more easily.

Sources have confirmed that Mr Tak Lee, who owns over 25% of Shaftesbury’s shares, became concerned about the company’s fundraising activities in December after it completed a £26 million equity financing.

In a statement made to the shareholders, Mr Tak Lee explained; “The combination of a pre-emptive offering at a material discount to the market price and the manner in which shares were then allocated has caused me great concern.”

However, Shaftesbury chairman Johnathan Nicholls remains optimistic, saying; “Following the successful placing in December 2017, currently the board does not anticipate the need to raise further equity for some time.”

Indeed, the firm has reported that 52% of the space in its new developments had been let by the end of 2017, and it suffered no decline in the number of shoppers, tourists and visitors to its shops, bars and restaurants in the run up to Christmas.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.


Login and get FULL AND FREE ACCESS to our unique Knowledge Centre.

Morgan Pryce treats personal information safely and securely. Read more about how we store and protect information in our ​Privacy Policy​.

Forgot your password?

Please enter the email address used to create your account and follow the instructions to recover your password.

Didn’t receive an email? Check your spam inbox!

Create Your Account

Instructions have been sent to

Well Done!

Please check your inbox for a confirmation email.
You can manage your account details, email alerts and shortlists directly from your account.

or continue browsing

Loading...

Thank you for confirming your email address! You are now subscribed to our Newsletters.

By continuing your browsing on our site, you agree to the use of cookies to perform visit statistics. Read more about our ​Cookie Consent Policy.


Accept