Aggrieved minority shareholders in upmarket retailer Lane Crawford International have decided to abstain from voting over the company's proposed privatization, despite a move by Wheelock to increase its offer price.
The shareholders - who hold more than 10 per cent of Lane Crawford's issued B shares and can halt the privatization - said they would abstain 'to allow other minority shareholders the opportunity to decide on the privatization'.
Wheelock, which owns about 75 per cent of Lane Crawford, at the weekend increased its offer for the company's outstanding shares to $12.50 from $11.80 per A share and to $1.25 from $1.18 per B share - a 5.9 per cent rise.
Investor representative David Webb described the increased offer as 'a minor victory for minority shareholders' and demanded Lane Crawford reveal details of its property assets and investment portfolio.
'Shareholders should be given sufficient relevant information over the portfolio and property assets, which accounted for 77 per cent of the company's net asset value,' Mr Webb said.
'We believe the level of shareholding and the type of securities in the portfolio are relevant information. With the details, shareholders will be able to calculate for themselves the value of the portfolio, based on latest market prices, prior to voting.' A Wheelock spokesman did not return calls seeking comment yesterday. It is understood the offer document will be released during the next couple of days.