SAC Capital cuts stake in Orient-Express to 5.5%, question super voting rights of class B shares

By Lisa Kerner

Charlotte, N.C., May 16 - Orient-Express Hotels Ltd. investors led by SAC Capital Advisors, LLC said they are concerned about the company's dual share class and corporate governance structure, including the super voting rights of its class B shares and the legality of the structure.

The existing structure creates "an unnecessary and significant valuation discount" for Orient-Express' shares, according to a schedule 13D filing with the Securities and Exchange Commission.

SAC reported the sale of 239,306 shares of Orient-Express between March 19 and April 28 priced from $40.99 to $47.07 per share.

The investors beneficially own 2.35 million shares, or about 5.5%, of the Hamilton, Bermuda-based company.

Orient-Express owns and operates deluxe hotels, restaurants, tourist trains and river cruise businesses.

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