In Macau and the company behind the luxury The 13 hotel has reportedly revealed that it is set to hold a special general meeting so as to vote on a resolution that could well see one of its senior directors stripped of his position.
According to a report from Inside Asian Gaming, Hong Kong-listed South Shore Holdings Limited used an official Thursday filing to detail that the gathering was called by major investor Global Allocation Fund, which holds 10% of its issued share capital, in hopes of removing Lau Tom Ko Yuen from his post as its Deputy Chairman.
Although no reason for Global Allocation Fund’s animosity towards Lau was given, Inside Asian Gaming reported that the move comes a little over six weeks after South Shore Holdings Limited was forced to apply for a ‘standstill’ order so as to prevent its bank from calling in a possible liquidation-inducing loan said to be worth just over $319.9 million. The call purportedly also follows last month’s decision by Walt Power to step down as the Chief Executive Officer for the firm behind the 200-room The 13 hotel in order to take up a similar role with Vietnam’s The Grand Ho Tram Strip integrated casino resort.
South Shore bylaws allow any investor with at least a 10% shareholding to ask its board to call a special general meeting, which must be held within two months of the initial petition. The source detailed that Global Allocation Fund fulfills this initial requirement courtesy of its retention of almost 101.34 million shares with the showdown now set to be held in advance of a July 20 deadline.