South Shore Holdings has revealed it will convene a Special General Meeting to vote on a resolution to remove one of its directors following a request from a substantial shareholder.
Global Allocation Fund, which holds 101,339,084 shares in South Shore representing 10% of issued share capital, issued the request on Thursday for Mr Lau Tom Ko Yuen to be removed as a director of the company.
Under South Shore’s bylaws, any shareholder holding 10% or more of the company has the right to require an SGM to be called by the board and held within two months. No reason was given by South Shore as to why Global Allocation Fund wants Mr Lau removed.
News of the impending SGM comes just days after former South Shore CEO Walt Power stepped down as a non-executive director. He has taken up a new role as CEO of Ho Tram Project in Vietnam.
South Shore recently applied to its bank for a “standstill” to prevent enforcement of security over its primary asset, THE 13 Hotel in Macau, and liquidation of the company after the bank issued a demand for immediate payment of HK$2.48 billion owing under its facility agreement.