Shaftesbury PLC Notification from shareholder (7485B)
June 11 2019 - 1:01AM
UK Regulatory
TIDMSHB
RNS Number : 7485B
Shaftesbury PLC
11 June 2019
Notification from shareholder
The Board of Shaftesbury PLC (the "Company") announces that,
further to its announcement on
1 May 2019, it has now been served with legal proceedings issued
by companies controlled by Mr Samuel Tak Lee. The proceedings
concern allegations and claims relating to the Placing conducted by
the Company in December 2017 (the "Placing").
The proceedings raise the same allegations and complaints that
have been the subject of extended correspondence received from Mr
Lee's lawyers, and public statements from Mr Lee himself, over the
last 18 months. They seek to challenge both the rationale for the
Placing and the way in which the shares were allocated in the
Placing. The Claimants are seeking damages for their alleged losses
in the region of GBP10.4 million.
The Board considers the claims to have no merit and intends to
defend the allegations robustly.
The Board is disappointed that Mr Lee is continuing with this
course of action. In the 18 months since the Placing, the Board has
responded promptly and appropriately to numerous letters from Mr
Lee's lawyers. The Board has also extended numerous invitations,
prior to and since the Placing, to enter into a dialogue with Mr
Lee, yet on each occasion he has chosen not to respond or declined
the opportunity to engage directly with the Company.
- ENDS -
For further information:
MHP Communications 020 3128 8100
Oliver Hughes / Reg Hoare / Giles Robinson
RMS Partners 020 3735 6551
Simon Courtenay
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END
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