News in Brief: Pointon Set to Reclaim CEO Role
Oaks Hotels and Resorts founder Brett Pointon is confident Thai company Minor International's decision this week to increase its shareholding in the company to more than 50% will see him return to the CEO's chair. Oaks is to hold an EGM on May 27 where shareholders can vote on Mr Pointon's proposal to sack five directors, including Oaks chairman Doug Wong, and reappoint him CEO.
ANZ seized ( edit ) Pointons Oak shares in January and placed them in the hands of receiver-manager Price waterhouse Coopers after Oaks was crippled by what Mr Pointon described as oppressive banking covenants
He said he had being working with Minor since December to make it a strategic partner.
Through its subsidiary Delicious Food Holdings (Singapore), Minor has increased its shareholding in Oaks from 19.9% to 53.9%. It purchased almost 60 million of Mr Pointon's shares from Price waterhouse Coopers for more than $31 million.
Mr Pointon said he was now in a strong position to have his companies removed from receivership.
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