Shaftesbury shareholder urges investors to block more equity raisings

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 07:34

London West End property investor Shaftesbury said one of its major shareholders had written to investors urging them to oppose resolutions allowing the company to raise more capital through a share issue.

Samuel Tak Lee, who owns 26% of the company, claimed a fundraising it conducted back in 2017 was unnecessary.

He also claimed it was inequitable because shares were not offered to all existing shareholders pro rata to their existing shareholdings, highlighted the dilutionary impact and claimed the offering was conducted in an 'extremely short' timeframe.

Shaftesbury countered that the 2017 placing clearly reflected its financial needs and urged its shareholders to support the resolutions at its upcoming AGM.

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