Lumbering technology conglomerate Altron, which is controlled by the Venter family, has gone further than Pick n Pay, controlled by the Ackerman family, in democratising its artificial control structure. Despite collapsing the antiquated Pikwik pyramid, the Ackermans have still determinedly clung to control of Pick n Pay. The Venters, on the other hand, have commendably offered to give up outright control — though, on closer examination, there might still be a few worries for investors. Last week Altron proposed collapsing the control structure that affords the Venter family voting control over the company with only a minority stake. This will be done by introducing a new alstrategic equity partner in the form of Antony Ball and Sam Sithole’s Value Capital Partners (VCP), which will invest R400m in fresh capital. Tagged to this investment is the key rider that voting rights of company founder Bill Venter and the Venter family will dilute 57% to 25.1% after the low-voting N-shares st...
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