A plan by Oxford Properties & Finance to issue new shares to pay for a project in Guam would do little to boost trade in the company's illiquid shares, minority investors in the firm said yesterday. The company yesterday said it planned to co-develop several of its properties in Guam with a third party and would issue new shares for its partner's contribution towards the project. The move comes after a government-appointed investigator earlier found that too many Oxford shares were under the control of just one person - in violation of government rules. Yesterday's announcement is aimed at helping restore the company's public float to 25 per cent of outstanding shares - the minimum required, which allegedly had been breached. According to the investigator's report, company founder James Lee had apparently been controlling 90 per cent of Oxford's shares through 11 firms, resulting in persistently thin trading. Jimmy Yeung, who is leading the minority shareholder movement, said Oxford's development plans in Guam would not make any difference. 'The way they will do it is just issue new shares to a party who will do business with them; we don't think that will make any difference,' Mr Yeung said. Under the proposed co-operation plan, Oxford intends to form a joint venture with an independent third party. 'The potential [joint venture] partner already has substantial investments in Guam and is considered by the board to be thoroughly conversant with business and investment there,' the company said. The arrangement was aimed at enhancing the value of the firm's existing assets and conserving its cash resources, Oxford said. The Guam plan could also be aimed at addressing minority shareholders' concerns about the company's assets. Minority shareholders suspect that the assets - especially the properties in Guam - have long been undervalued.