South Shore Holdings Ltd, owner of embattled Macau hotel THE 13, is facing a move against one of its directors for the second time in as many months after Global Allocation Fund called on Wednesday for the removal of Mr Tse Cho Tseung.
Global Allocation Fund, which holds 10% of South Shore’s issued share capital, called for Tse’s removal via letter this week with the matter now set to be voted upon at a Special General Meeting. 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 Tse removed.
This latest move by Global Allocation Fund comes just six weeks after it also called for another director, former Deputy Chairman of South Shore, Mr Lau Tom Ko Yuen, to be removed.
Lau stepped down from the board of his own accord a few weeks later, marking 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. Power 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.
