Allan Gray behind call for new Group Five board
Director Andrew Lapping says after cautionary notice the company needs a fresh start with a reconstituted board
Allan Gray confirms it is the shareholder in Group Five that has asked for the company’s board to be reconstituted. The fund manager says clients hold 25% of the JSE-listed construction and engineering group. This comes after Group Five said in a cautionary notice on Thursday it had been notified by a shareholder "that it seeks to call an extraordinary general meeting, to reconstitute the board following a disagreement on the future direction of the company". Andrew Lapping, a director of Allan Gray, said: "We have lost faith in the board and think the company needs a fresh start — with a reconstituted board. "We became very concerned over the past few months, because of various changes. A lot of people have suddenly left the company — executives and directors." Subsequently, he had met all board members, "bar one and couldn’t get a clear understanding of the situation". He said Allan Gray did not want to sell its shares in Group Five, as there was "substantial value in the firm, no...
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