The empowerment group has worked up an appetite for restaurant and fast-food franchiser Spur Corp The decision by empowerment group Grand Parade Investments (GPI) to increase its shareholding in restaurant and fast-food franchiser Spur Corp might seem like a tough transaction to digest.GPI, which has rolled out more than 70 Burger King stores and just opened its first Dunkin’ Donuts outlet in Cape Town, has proposed acquiring between 16.4m and 19.5m Spur shares from institutional shareholder Coronation. The really tangy part of the transaction is that GPI, which already holds a 10% stake in Spur, has agreed to pay Coronation R40/share — a whopper of a premium to the ruling share price of about R32.If GPI secures all 19.5m shares from Coronation, its stake in Spur grows to a commanding 28.82%. That will elevate GPI to the largest single shareholder in Spur —though the company’s annual report shows institutional shareholders Allan Gray (11.4%), Fidelity (10.6%), Investec (8.3%) and St...
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