There’s going to be a tense showdown at Grand Parade Investments (GPI) at the end of October. An extraordinary shareholder meeting will consider proposals from shareholders that speak for 12% of GPI to nominate four new directors to the board. GPI’s executive is not entirely enamoured with the proposals and suggests board changes will compromise the spirit of a community-based broad-based BEE company. What’s more, GPI executives — notwithstanding the group’s steep share price decline over the last five years — are adamant the existing strategy should not be disrupted. The "activist" shareholders — comprising asset managers Denker Capital, Excelsia Capital, Kagiso Asset Management, Westbrook Alternative Asset Management and Rozendal Partners — have stressed the current board’s skills and experience are not aligned to the company’s strategic intent, which revolves mainly around rolling out the Burger King fast food franchise. The proposed new board members can’t really be faulted and ...
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