Shaftesbury (SHB) the London west end landlord, has a neighbour: 79-year-old Mr Samuel Tak Lee, who owns the Langham Estate. He also owns around a quarter of the shares in Shaftesbury, and is proposing to vote against certain resolutions at the AGM.
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It appears that he is objecting to Shaftesbury’s issue of shares on a non pre-emptive basis, which basically means that not all existing shareholders are invited to take part. The power to issue shares on a non pre-emptive basis is usually sought from shareholders at each year’s AGM. If Mr Lee succeeds, then new issues, including rights, will only be possible by seeking shareholder approval through an EGM.
