Hong Kong billionaire Samuel Tak Lee has confirmed that he will vote against several resolutions due to be proposed at Shaftesbury’s annual general meeting this week.
Tak Lee will use his majority shareholding to vote against the ability of the directors to earmark new shares to selected shareholders. Tak Lee will vote against resolution 18, which authorises the firm’s directors to allot shares in the capital of the company, according to a Shaftesbury statement.
He will also vote against resolutions 19 and 20, which allow the directors to allot shares in certain circumstances on a non pre-emptive basis.
The tycoon’s companies, Orosi and Pel, own a combined 26.15% of Shaftesbury – making him the largest shareholder in the Chinatown and Carnaby Street owner.
This stake, built up since 2014, has long prompted speculation that Lee plans to take over the company.
Shaftesbury has four executive directors including chief executive Brian Bickell, as well as six non-executive directors, according to its website.
In December, EG revealed that Lee’s lawyers had sent a letter dated 26 November, seen by EG, to Shaftesbury’s legal advisers, accusing the directors of breaching their fiduciary duties.
Shaftesbury said it had made repeated attempts to engage directly with Lee but he had turned them down.
The document alleged that “it is now apparent” that Shaftesbury’s directors attempted to “alter the constitutional balance” of the company when it raised £265m in its share placing on 6 December 2017.
Shaftesbury’s AGM will be held at 11am on Friday 8 February.
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