A move by a substantial shareholder of South Shore Holdings Ltd to remove one of the company’s directors from the board appears to have succeeded with Mr Lau Tom Ko Yuen resigning as Deputy Chairman and Executive Director on Wednesday.
Global Allocation Fund, which holds 101,339,084 shares in South Shore representing 10% of share capital, issued the request for Lau to be removed as a director last month. Under the company’s by-laws, South Shore was required to convene a Special General Meeting within two months to vote on the request.
Global Allocation Fund gave no reason for its move at the time while South Shore said on Wednesday only that Lau had departed “to devote more time to his personal commitments.” He had been a member of its remuneration committee, nomination committee, finance and investment committee, disclosures committee, corporate governance committee, PYE committee and executive committee.
Lau is the second significant departure from South Shore in as many months after former CEO Walt Power stepped down as a non-executive director in May. 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.
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