COMPANY COMMENT: Big hitters bulk up for Group Five showdown
The departure of several top executives triggers animosity between the company and its biggest shareholder
The Public Investment Corporation (PIC) has increased its stake in Group Five to 20.135% ahead of next week’s extraordinary general meeting. It’s unclear exactly when the shares were purchased, how many were purchased and at what price.Group Five’s most recent annual report shows that at June 2016, the PIC-managed Government Employees Pension Fund held 15.67% of the company. The same report shows that Allan Gray held 12.05% at the time. Allan Gray now holds just more than 25% of Group Five. There has been little volatility in the share over the past few weeks, trading between R18.50 and R19.50. PIC’s purchase is significant, given that last Friday was the day the board set for determining which shareholders are entitled to participate and vote at the meeting on July 24. The meeting has been called in response to a demand by Allan Gray that shareholders should have an opportunity to reconstitute the board of directors. Five out of nine new board candidates have been put forward by Al...
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