Shaftesbury Plc - Notification from shareholder
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 £10.4 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.