Afrocentric & Brait
COMPANY COMMENT: When results reports are used for marketing
One of the most useful sources of information about companies and their relationship with shareholders is the detailed results of AGM voting
One of the most useful sources of information about companies and their relationship with shareholders these days comes in the untainted form of the detailed results of annual general meeting (AGM) voting. There is no doubt companies have enthusiastically embraced the idea of communicating with their stakeholders. While 2015 was a good year for Christo Wiese, with the retail magnate doubling his personal wealth in the year to about R104bn, 2016 has brought mixed fortunes. Some of his listed interests have lost some value. The biggest damage has come from Brait, in which Wiese has a direct stake of 34%. Brait is down 45% this year, meaning Wiese has lost about R30bn on his investment as Brexit concerns continue to affect Brait’s UK assets.
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