Mirage rides out storm
SHARES in Fullshare Group, the Chinese owner of Sheraton Mirage Port Douglas, have bounced back after the company steadfastly denied allegations of top-level stock manipulation.
While the new-look and iconic Far North resort earned a big tick of approval this week, Fullshare directors have been in damage control over the past fortnight.
It comes after California’s Glaucus Research last month released a damning report that claimed the Hong Kong-listed company was “one of the largest stock manipulation schemes trading on any exchange anywhere in the world”.
Trading in shares of Fullshare resumed last Thursday following a suspension.
In an announcement to the Hong Kong stock exchange, Fullshare chairman Ji Changqun said the company was considering taking legal action against Glaucus – a “short-seller” that profits by predicting certain stocks will fall in price.
“The company denies all of the allegations … in the report,” he said.
“All of the directors consider that the allegations in the report are unfounded and contain misrepresentations, misleading and false allegations and factual errors.
“The company believes that GRGC’s (Glaucus Research’s) ultimate aims are to drive down the price of the shares, undermine the company’s reputation and therefore make a huge windfall profit.”
Shares in Fullshare Group were yesterday trading at $3.37 on the Hong Kong stock exchange.
The company bought Sheraton Mirage Port Douglas in 2011. Despite the controversy surrounding Fullshare, it has been business as normal at Sheraton Mirage.
The resort was this week named a “Sheraton Grand” property, meaning it’s now rated among the top tier of Sheraton-branded worldwide.
“The designation is a testament of our excellent relationship with our owners, who work closely with us to ensure the resort continuously exceeds guest expectations in design hotels and service,” general manager Steve Molnar said.
Tourism Port Douglas and Daintree chief executive Tara Bennett said the allegations against Fullshare “had not made a ripple” in the Far North community.