REGENT Kingpin Acquisitions, the takeover arm of Hong Kong based Regent Pacific, has called on the directors of G.T. Chile, a US$385 million fund, to resign. It said it had 65.63 per cent of shareholders' acceptance for its hostile takeover bid, and that the offer would close today at 1 am Hong Kong time. Regent offered to buy back 60 per cent of the shares, issue warrants on a one-for-13 ratio, and rename the fund Regent Kingpin Chile Investment Value Fund. This week, G.T. Chile said it was considering whether to force Regent to sell some of its holdings under an article of association which can order compulsory sales if there was deemed to be a pecuniary or tax disadvantage created by Regent's holding. Yesterday Regent Kingpin director Sophia Shaw said the company could call a shareholders' meeting, and called upon the G.T. Chile board to stop wasting shareholders' money by continuing to delay acceptance of its offer. Regent Pacific managing director James Mellon described G.T.'s move as 'a desperate line of defence which is not going to work'. He said lawyers familiar with Cayman Island law had confirmed that Regent's holding would not disadvantage the fund or the shareholders. 'G.T. should retire gracefully,' he said. According to sources close to the fund, what is most ironic in the battle for control of the fund is that Union Bank of Switzerland, financial adviser to the fund's management and G.T. Management Guernsey, accepted Regent's offer on Monday. Both are shareholders of the fund. Mr Mellon said: 'To us, the battle was 100 per cent won.' The battle for G.T. Chile has adversely affected the Chilean stock market, which has an average turnover of $40 million, compared to the large size of the fund. 'The board of the Chile Fund should accept the wishes of the majority of its shareholders and resign now without incurring further wasted expense on the part of its shareholders, rather than wait to be removed at a shareholders general meeting which will be requisitioned if required,' Regent said. Regent Pacific is known for attacking closed-end funds traded persistently at a discount to their net asset value. It is working on a plan to open up the Hong Kong-listed Thai Asia Fund.