Shaftesbury has announced that its board has received “a letter before action and a draft particulars of claim” from companies controlled by Mr Samuel Tak Lee. Shaftesbury says that these concerns allegations and claims relating to the placing conducted by Shaftesbury in December 2017. Mr Lee, a Hong Kong billionaire property magnate, currently has an interest in approximately 26% of the Company’s share capital.
Sam seeks £10m; board says his claim has no merit
Shaftesbury says that the draft statement of claim, which may or may not lead to civil court proceedings, notes that the claimants may seek restitution for their estimates of alleged loss in the region of £10 million. However, Shaftesbury’s board says that it does not consider the basis of the draft particulars of claim to have any merit. It does however say that a formal response will be made to Mr Lee’s lawyers in due course.
The board is disappointed in Mr Lee
The Board says that it is disappointed that Mr Lee is considering this course of action. It says that, in the 17 months since the Placing, it has responded promptly and appropriately to numerous letters from Mr Lee’s lawyers. Furthermore, it says that it has also extended numerous invitations to enter 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.
About Shaftesbury
Shaftesbury is a REIT focused on real estate in London’s West End. It focuses on central locations close to a concentration of world-class attractions which attract numbers of domestic and overseas visitors.