Norges increases its stake in Shaftesbury

Norges Bank has increased its stake in Shaftesbury to 25.06%, meaning it is now able to vote down special resolutions brought forward by the firm at AGMs. Special resolutions require 75% shareholder approval to pass. Shaftesbury’s largest shareholder, Sammy Tak Lee, has frequently used his 26.03% stake to vote these down.

See also: Groundhog Day for Shaftesbury and Tak Lee?

The news follows Shaftesbury’s AGM last month where Samuel Tak Lee failed in his bid to stop the reappointment of the firm’s chairman Jonathan Nicholls, chief executive Brian Bickell, and finance director Chris Ward. However, he did manage