CHRIS Scott, a former executive director of MFS Limited and currently a major shareholder, has called an extraordinary general meeting to question the sale of the Stella Group.
Scott, who has a 8.4% stake in the MFS, has been opposed to the $1.3 billion two-thirds stake sale in the Stella Group to CVC Asia Pacific, arguing it undervalued the tourism and hospitality group.
Scott said Stella was sold between $500 million to $800 million less when compared to the $2.8 billion value of the group last year.
Furthermore, Scott said shareholders had no say in the sale.
Scott was appointed an executive director of MFS after the merger of his travel group S8 and MFS in 2006.
Yesterday, MFS it is taking legal advice as to the validity of the calling of the meeting scheduled for April 7.
“Any shareholders that have received material from interests associated with Mr Scott should not take any action at this time.
“The MFS board will advise shareholders further shortly,” the company said in a short statement.
Australian Property Journal
