MARC HASENFUSS: Rain on the (Grand) parade
Something had to give at Grand Parade Investments, with shareholders increasingly frustrated at the board’s apparent inability to close the gaping discount the share offers on intrinsic NAV
Something had to give at Grand Parade Investments (GPI), with shareholders increasingly frustrated at the board’s apparent inability to close the gaping discount the share offers on intrinsic NAV. Consequently, it’s no huge surprise that GPI, which has a few boutique investment firms and well-heeled individuals on the share register, last week received a demand to call a general meeting of shareholders. The Sens announcement by GPI betrays some hostility in its observation that the demand came from parties "purporting to be agents" of beneficial shareholders holding 12.6% of the voting rights of the company. There is admittedly nothing diplomatic about these shareholders’ demands that all GPI’s nonexecutive directors be removed. The plan is then for shareholders to re-elect four nonexecutive directors from among the "removed directors" and from four individuals nominated as new nonexecutive directors. The new nonexecutives will presumably be tasked with keeping close tabs on long-se...
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