There has been another twist in the tale of embattled empowerment group Grand Parade Investments (GPI) with highly regarded turnaround specialists Value Capital Partners (VCP) acquiring an 8.05% stake just ahead of Wednesday night’s extraordinary general meeting. The stake is valued at about R115m. The extraordinary general meeting was reconvened after an adjournment in late October to consider calls from a group of activists shareholders, holding about 12.5% of the GPI shares, to appoint four new directors with fast-moving consumer goods and strategic experience to the company’s board. GPI has steadfastly opposed the proposed board changes, even though the company’s shares have plunged to levels at which the discount on intrinsic value is more than 50%.

At the adjourned extraordinary general meeting,  shareholders spoke out critically of the GPI board’s decision to cull investments in cash-spinning gaming assets to acquire fast food brands — most notably the master franchise ...

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