The temporary restraining order barring Macau casino resort builder eSun Holdings from a planned sale of new shares and warrants was continued by the Court of First Instance yesterday. The closed-door hearing came after the firm's substantial shareholders - Passport Special Opportunities Master Fund and Passport Global Master Fund - filed a writ on December 23 and obtained an interim injunction blocking the planned placement, originally scheduled to be completed the next day. The two shareholders filed the action against eSun and its directors, including Peter Lam Kin-ngok and Lam Kin-ming. The Passport funds own an 18.09 per cent stake in eSun. 'The injunction sought by Passport Capital to protect shareholder rights remains in place following [yesterday's] court hearing. We are committed to defending the rights of both Passport and other minority shareholders and preventing the destruction of shareholder value,' a Passport spokesman said. The plaintiffs are trying to bar the company from conducting the issue and allotment of 120 million new shares at 50 HK cents each, raising a net HK$58 million, and the issue of unlisted warrants convertible into a further 120 million new shares at the same price. The proceeds were to finance eSun's media and entertainment businesses and add to the company's working capital. Barrister Nigel Kat, representing the plaintiffs, confirmed the interim injunction continued to take effect after yesterday's hearing. A court hearing will be held on January 22 in relation to matters concerning the injunction. Trading in eSun shares was suspended yesterday morning, pending the hearing, and was resumed in the afternoon as the further hearing was announced. The stock closed down 6.45 per cent at HK$1.16. 'As one or more of the conditions in respect of the placing agreement has yet to be fulfilled and in light of the continuation of the interim injunction and the timing of the further hearing, the company will be considering its position, rights and obligations in respect of the placing agreement and will make further announcement on the matter in due course,' eSun said in a filing to the Hong Kong stock exchange yesterday. Yesterday's hearing was held before Mr Justice Aarif Tyebjee Barma.