1 May 2019 16:32
NOTIFICATION FROM SHAREHOLDER
The Board of Shaftesbury PLC (the "Company") announces that it has received a letter before action and a draft particulars of claim from companies controlled by Mr Samuel Tak Lee. It concerns allegations and claims relating to the Placing conducted by the Company in December 2017. Mr Lee currently has an interest in approximately 26% of the Company's share capital.
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. The Board does not consider the basis of the draft particulars of claim to have any merit. A formal response will be made to Mr Lee's lawyers in due course.
The Board is disappointed that Mr Lee is considering this course of action. In the 17 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 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.
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For further information:
Shaftesbury PLC 020 7333 8118
Brian Bickell, Chief Executive
Penny Thomas, Company Secretary
MHP Communications 020 3128 8100 Oliver Hughes / Giles Robinson
RMS Partners 020 3735 6551 Simon Courtenay |
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1 May 2019