Shareholders of South Shore Holdings Limited have voted down a resolution to wind up the company at a Special General Meeting held on Friday.
The SGM had been called after South Shore received a letter from Global Allocation Fund in October requesting a vote on winding up the company.
Global Allocation Fund, which holds 10% of the company’s issue share capital, pointed to the “net liabilities position of the Group, the suspension of operations of the Hotel and the poor performance of the Hotel generally,” for its request, adding, “The Requisitionist expresses its belief that the remaining value in the Company will best be maximized with an independent unwind process supervised by a court.”
However, the resolution was voted down on Friday with Global Allocation Fund the only shareholder to vote in favor of winding up the company. Its vote counted for 27.93% of those who voted while 72.07% of voted were counted against.
South Shore had previously stated that winding up the company would see the value of the company “irreversibly destroyed, with likely no recovery for Shareholders.”
Directors have recently outlined their hopes to sell South Shore’s primary asset, THE 13 Hotel in Macau, by the end of the company’s financial year on 31 March 2021 after talks with a prospective buyer fell through earlier this year.
