Lee renews attack on Shaftesbury’s fundraising strategy

Carnaby Street North Facing

Shaftesbury investor Samuel Tak Lee has written to the London property group’s shareholders urging them to oppose resolutions allowing the company to raise more capital through a share issue.

The Hong Kong billionaire, who owns 26% of the company, claimed a fundraising it conducted in 2017 was unnecessary. His statement refers to the acquisition of 90-104 Berwick Street, which was a forward-purchase of a long leasehold interest undergoing a redevelopment that Shaftesbury announced in August 2017, and alleges that shareholders have not been kept properly appraised about this project and that the placing was not required to finance this acquisition.

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