IN what appears to have been a ham-fisted attempt to neutralise a block of activist shareholders, the board of AltX-listed Accéntuate ended up disenfranchising a substantial group of "unaligned" shareholders at its recent AGM.The outcome of the controversial action by Accéntuate's board, which is being investigated by the JSE and Standard Bank Nominees, will have considerable implications for investors in small-cap companies."Big companies are concerned about their reputation, so they abide by the JSE's regulations and any findings it might come to after an investigation, but the JSE's only real sanction is to threaten delisting," said one of the shareholders who had been prevented from voting his shares at the Accéntuate AGM."That might not be much of a threat for small companies, but it is a significant threat for the shareholders in those companies."Accéntuate supplies the construction industry with flooring and operates in industrial chemicals.At the AGM, held on February 27, on...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.