SINGAPORE - Grand Banks founder Robert William Livingston was voted out of the board of the luxury yacht maker at a shareholders' meeting today.

In a statement to the Singapore Exchange, Grand Banks disclosed that Mr Livingston received only 38.6 per cent of the votes for his reappointment as non-executive, non-independent director. He was opposed by 61.4 per cent of the votes.

The results were not surprising given his opposition to the entry of new shareholders to help lift the fortune of the company.

In July, Grand Banks shareholders approved a deal for the company to buy Australian yacht maker Palm Beach Motor Yacht's shares for up to A$10 million in cash and new shares.

Mr Livingston, who was Grand Banks chief executive for 35 years, had voted against the deal.