The eight new nonexecutive directors who secured appointment to the Group Five board at Monday’s extraordinary shareholders’ meeting are faced with the immediate prospect of releasing the details of hefty losses notched up by the construction company in the year to June. Monday’s historic meeting marks the first time a shareholder of a large listed company has successfully used the new Companies Act to replace all the nonexecutive directors on a board. Foord Asset Managers attempted to reconstitute the PPC board in 2014 but was outmanoeuvred by the incumbent board members. On Monday morning, just hours before the controversial meeting was due to start, the company released a trading update advising shareholders it would report a loss of at least 590c a share for the year. The drastic turnaround from 335c headline earnings a share reported for financial 2016 reflected a combination of the deteriorating operating environment, the R255m socioeconomic contribution to accelerate transfor...
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