COMPANY COMMENT: Shareholder stands in Sovereign’s corner
Who knows what might come of this shareholding, bearing in mind that Sovereign has its own fledgling wholesaling operation via a 35%-owned factory shop
Considering the corporate hostilities that unfolded in 2016, more than a few investors will be keeping a beady eye on the share register of Uitenhage-based poultry company Sovereign Food Investments. With the predatory Country Bird Holdings (CBH), and its associated entities, holding a commanding position at Sovereign, there is probably a fair bit of intrigue involved in gauging whether a defensive shareholder block is being assembled. So, it was rather surprising to see that among the stoical institutional shareholders that have resisted CBH’s advances (Prudential, Sanlam and Old Mutual) there is a new large shareholder. It is unlikely that too many investors have heard of Faki Dawood and Sons, but this entity is now the seventh-largest shareholder in Sovereign. This company now speaks for almost 3-million shares, or 3.9% of Sovereign.MTN’s share price remains under pressure, having shed about 6% in 2017. Its counterpart Vodacom is trading flat. MTN’s Nigerian fine over a breach in...
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