West End landlord Shaftesbury has had its ability to raise money curtailed after its largest shareholder, Hong Kong billionaire Samuel Tak Lee, voted against plans which would have allowed management to waive shareholder pre-emption rights in some circumstances.
Mr Tak Lee, who owns just over 25pc of Shaftesbury’s shares, blocked two resolutions at the company’s annual general meeting on Friday.
These would have allowed directors to ignore pre-emption rights in some cases, potentially allowing them to raise money more easily. The rights allow shareholders to have first refusal over new shares but can be discounted in some circumstances.
But a third resolution which Mr Tak Lee also voted against, which allows the directors of the company to allot shares, did pass.