A shareholder of Pacific Coffee (Holdings) Limited has filed a writ to get the coffee chain to produce its financial statements since 1999.
Philip Richard Oakden, a Hong Kong resident and registered owner of 1,000 Pacific Coffee (Holdings) shares, filed the writ in the District Court last week claiming the company has breached the subscription and shareholders agreement signed in May 2000.
Pacific Coffee (Holdings) holds direct equity interests in Pacific Coffee, a retail coffee chain with outlets in Hong Kong and Singapore.
Under the agreement, the company allegedly agreed to deliver to each shareholder monthly and quarterly financial reports after the end of each financial year, including the consolidated balance sheet and statements of operations of the company and any of its subsidiaries and joint ventures.
Despite repeated demands, the defendant is said to have failed to deliver the statements since 1999. Mr Oakden wants copies of the said documents and is claiming all necessary costs.