{"id":11486,"date":"2020-11-04T08:17:25","date_gmt":"2020-11-04T08:17:25","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=11486"},"modified":"2026-04-24T00:24:29","modified_gmt":"2026-04-24T03:24:29","slug":"south-shore-shareholder-seeks-to-wind-up-the-company","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-shore-shareholder-seeks-to-wind-up-the-company","title":{"rendered":"South Shore shareholder seeks to wind up the company"},"content":{"rendered":"\n

A substantial shareholder has called for a special general meeting next month. <\/p>\n\n\n\n\n\n\n\n

Macau.- South Shore Holdings, owner and operator of THE 13 hotel, has been asked to hold a special general meeting next month by Global Allocation Fund, a substantial shareholder of the company, with intentions to vote on winding up.<\/p>\n\n\n\n

The Global Allocation Fund holds 101,339,084 shares \u2013 a 10 per cent stake in the company. It wants the company to close due to \u201cthe net liabilities position of the Group, the suspension of operations of the Hotel and the poor performance of the Hotel generally.\u201d<\/p>\n\n\n\n

South Shore said: \u201cThe Requisitionist expresses its belief that the remaining value in the Company will best be maximized with an independent unwind process supervised by a court.\u201d<\/p>\n\n\n\n

The company recently announced plans to sell THE 13<\/a><\/em><\/strong> before the end of its financial year on 31 March 2021. Despite the influence of Global Allocation Fund, South Shore expects to continue with the plans. <\/p>\n\n\n\n

It said: \u201cShareholders and investors of the company holding some 25% of the issued share capital of the company have expressed their opposition to the winding up of the company.<\/p>\n\n\n\n

\u201cGiven this opposition, the board expects that it is almost a certainty that the proposed resolution will not be passed by the requisite majority.\u201d<\/p>\n\n\n\n

According to South Shore, with a winding-up resolution \u201cthe value of the Company would be irreversibly destroyed, with likely no recovery for shareholders”.<\/p>\n\n\n\n

It said: “The Company has worked hard to stabilize the position in respect of bank loans in the principal amount of approximately HK$2.84 billion that are currently due. In particular, it continues to seek prospective buyers for the Hotel and to work with its bank on appropriate remedial action. <\/p>\n\n\n\n

“In the meantime, the Board sees no benefit to Shareholders in taking action that might disrupt the otherwise satisfactory performance of the Group\u2019s engineering and management contracting business.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A substantial shareholder has called for a special general meeting next month.<\/p>\n","protected":false},"author":2,"featured_media":11493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Global Allocation Fund, a substantial shareholder in South Shore Holdings, has requisitioned a special general meeting to vote on the company's winding up, citing net liabilities and the poor performance of THE 13 hotel. South Shore's board opposes this, asserting it would irreversibly destroy shareholder value and that other shareholders representing 25% of capital also object. The board intends to continue efforts to sell THE 13 and manage existing bank loans, while highlighting the satisfactory performance of its engineering and management contracting business.","focusai_entities":"South Shore Holdings, THE 13, Global Allocation Fund","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Debt Restructuring Impact","query":"What are the specific implications for South Shore Holdings' HK$2.84 billion bank loans if the winding-up resolution fails, and what alternative debt restructuring strategies are being pursued?"},{"label":"Macau Asset Valuation","query":"How might the potential sale of THE 13 hotel impact the valuation of other distressed hospitality assets in Macau, and what is the current market appetite for such acquisitions?"}],"footnotes":""},"categories":[160,157,16338],"tags":[257],"class_list":["post-11486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-east-asia-news","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11486"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11486\/revisions"}],"predecessor-version":[{"id":11504,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11486\/revisions\/11504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11493"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}